Trump not threatening Fed's independence: Treasury Secretary

US Treasury Secretary Steven Mnuchin has said that Donald Trump was not trying to put pressure on the Federal Reserve when he criticised its decision to raise interest rates.

Speaking to reporters on the sidelines of a Group of 20 meeting in Buenos Aires, Argentina, Mnuchin said he can't comment on why the US president made the comments but he doesn't think they were a mistake.

Mnuchin said he's talked to Trump and "his intention is not to in any way put pressure on the Fed," referring to the US central bank.

"I just want to assure you this was not intended to put pressure on the Fed or jeopardise the Fed's independence," he added.

On Friday morning, Trump for a second day criticised the Federal Reserve, breaking with a long-standing tradition at the White House of avoiding any influence, real or perceived, on the independence of the US central bank.

In a tweet, he said: "China, the European Union and others have been manipulating their currencies and interest rates lower, while the US is raising rates while the dollars gets stronger and stronger with each passing day taking away our big competitive edge."
Trump added, referring to the Fed's rate increases: "The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done."
Trump's tweet on Friday followed more extensive criticism he made of the Fed's rate hikes in an interview with CNBC in which he said, "I don't like all of this work that we're putting into the economy and then I see rates going up."
The Fed has had no comment on Trump's interview comments or his tweet but last week Powell said in an interview that the Fed had a long tradition of conducting policy in a way that is "independent of all political concerns."
"Certain countries have targeted very specific levels of things that are not coincidental," Mnuchin told reporters. "So if you are looking at lobsters in Maine or you are looking at bourbon in Kentucky or you are looking at soybeans, there are clearly markets being followed."