This was not the first time Trump departed from a long-standing practice by USA presidents of respecting the Federal Reserve's independence by refraining from commenting on interest rates or the value of the US dollar, a custom he dismissed on Thursday.
In addition, he criticized the Fed for "taking away our big competitive edge" by raising interest rates as the American dollar is getting stronger - hindering the volume of goods the US could export. "As usual, not a level playing field", the president tweeted. More than 70 percent of Republican and Republican-leaning US adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Center survey released late Thursday.
Many companies in the U.S. are opposed to the administration's use of tariffs against China, saying they risk hurting business and the economy without being likely to change behaviour.
Trump also said the U.S.is "being taken advantage of" on trade and monetary policy. "He was being asked - pestered really - about a series of Fed rate hikes", Low said.
"It could be 80 percent (since the election) if I didn't want to do this", said the president. "If I lose $100 an acre, and you take the acres that I farm, it's a lot of money".
"The dollar is an important issue today especially because we have been on a rise for quite a long time", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
His allegations that China and the European Union are manipulating currencies are at odds with a Treasury Department report released in April that did not name any country as a currency manipulator.
"I don't want them to be scared", he told CNBC.
Mr. Powell argues that the economy is strong enough to handle higher rates after the rates were kept artificially low to help the recovery from the Great Recession of 2007.
The comments, plus Trump's criticism of Federal Reserve interest rate hikes, had sent the dollar tumbling against a basket of currencies. The U.S. dollar fell to 112.46 yen from 112.84 yen earlier, and yields on Treasurys dipped slightly.
In an apparent reference to Fed rate increases, Mr Trump added, "Tightening now hurts all that we have done".
"Now I'm just saying the same thing that I would have said as a private citizen", he said, according to CNBC. "We have been ripped off by China for a long time", he said.
"We're down $500, some people say $375, billion", the president said.
Despite Trump's claim, the yuan has been rising steadily if gradually in recent years, as most economists and officials say Beijing actually has been intervening in currency markets to keep the currency from weakening.
Powell said on Wednesday that the USA economy is on the cusp of "several years" in which the job market remains strong and inflation stays around the Fed's 2 per cent target.