President Donald Trump told CNBC on Wednesday that U.S. economic growth would have been closer to 4% if it weren't for the lingering effect of Federal Reserve rate hikes.

"That was a big blip that should not have taken place. It should not have happened. But it's one of those things. But we had Boeing. We had the big strike with General Motors. We had things happen that are very unusual to happen," Trump told CNBC's Joe Kernen in an interview from the World Economic Forum in Davos, Switzerland.

The president also suggested that the stock market would be even higher than its already record-setting highs if the Fed hadn't raised rates so quickly before cutting them three times during 2019.

"Now, with all of that, had we not done the big raise on interest, I think we would have been close to 4%," Trump said of the U.S. gross domestic product. "And I – I could see 5,000 to 10,000 points more on the Dow. But that was a killer when they raised the rate. It was just a big mistake."