The US economy remains in good shape, and the Federal Reserve will only “act as appropriate” to keep the expansion on track, Fed chair Jerome Powell said Friday in remarks that infuriated President Trump because the Fed ignored his demands for dramatic cuts in interest rates.

“As usual, the Fed did NOTHING! It is incredible that they can ‘speak’ without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work ‘brilliantly’ with both, and the U.S. will do great,” Trump tweeted.

“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?” he added in a shot at China’s president as new Chinese tariffs on US imports were also announced Friday

The chair, under near-daily pressure from Trump to cut rates as soon as possible, methodically listed a series of economic and geopolitical risks that the Fed is monitoring — many of them, Powell noted, linked to the administration’s escalating trade war with China.

But “the US economy has continued to perform well overall,” Powell said in keynote remarks at an annual Fed economic symposium at a mountain retreat in Jackson Hole, Wyoming.

“Business investment and manufacturing have weakened, but solid job growth and rising wages have been driving robust consumption and supporting moderate overall growth,” he said.

Powell’s remarks came as China announced that it would slap new tariffs on $75 billion in US goods in retaliation for Trump’s latest tariff hikes.

China said Friday that it would also increase import duties on US-made autos and auto parts, and the retaliation pulled global markets into negative territory, with the Dow down about 380 points as of 11:40 a.m.

Tariffs of 10% and 5% will take effect on two batches of US goods on Sept. 1 and Dec. 15.

Beijing gave no details of what goods would be affected but the timing matches Trump’s planned hikes.

“The Economy is strong and good, whereas the rest of the world is not doing so well. Despite this the Fake News Media, together with their Partner, the Democrat Party, are working overtime to convince people that we are in, or will soon be going into, a Recession,” Trump tweeted Friday before Powell spoke and China’s tariffs were announced.

“They are willing to lose their wealth, or a big part of it, just for the possibility of winning the Election. But it won’t work because I always find a way to win, especially for the people! The greatest political movement in the history of our Country will have another big win in 2020!”

He also tweeted an apparent challenge to Powell before the fed chair spoke.

“Now the Fed can show their stuff!” he wrote.

But Powell didn’t take the bait, and said that if the trade wars have disrupted business investment and confidence and contributed to “deteriorating” global growth, the Fed alone could not fix that through monetary policy.

There are “no recent precedents to guide any policy response to the current situation,” Powell said, adding that monetary policy “cannot provide a settled rulebook for international trade.”

With that and the possibility of a hard Brexit, tension in Hong Kong, an economic slowdown in places like Germany and other overseas troubles, Powell said the Fed needed to “look through” short-term turbulence and focus on how the US is performing.

Powell did note that rate cuts in the 1990s helped keep an expansion intact, but his statement could disappoint investors expecting the Fed to cut rates at its September meeting and possibly several more times this year.

The central bank reduced rates in July in what Powell referred to as a mid-cycle adjustment.

The president suggested earlier this week that he was “the chosen one” to fight what he called China’s unfair trade practices

With Post wires