Trump says US should have world's lowest interest rates, presses Fed again

US President Donald Trump pressed the Federal Reserve again to cut interest rates, saying America "should have the lowest interest rates in the world." His remarks came as market attention sharpened ahead of the FOMC meeting Tuesday and Wednesday, with Trump publicly reiterating his call for looser monetary policy.

Trump, who is visiting Ireland, met with reporters at his Doonbeg golf resort on Sunday (local time) and said "I don't know" when asked whether he expected the Fed to raise its benchmark interest rate at the upcoming FOMC meeting.

He nonetheless reaffirmed his preference for lower rates. "Because the US economy is so strong, regardless of whatever formula they use, we should have the lowest interest rates in the world," he said.

Trump then said the United States has "the greatest credit in the world," adding, "We are making other countries rich. We can end that in two minutes."

Trump has repeatedly called on the Fed in recent weeks to lower its benchmark interest rate. On Sept. 4, he warned that the United States would halt trade with countries running deficits against it if the Fed did not cut rates.

Trump also doubled down on the prospect of an early end to the war with Iran, saying it would be over "right after the midterms — maybe before."

"Iran desperately wants to negotiate. They're calling all the time," he said. "They want a deal. But it has to be the right deal. I'm not going to make a deal that's worthless."

He added that "ultimately we're going to get out" of Iran "unless we decide to stay there like Venezuela and take the oil."

Asked about Iran and Gulf states meeting in Oman on Monday to discuss passage through the Strait of Hormuz, Trump said, "I don't care. That's up to them."

Trump said "no" when asked whether he was concerned that Chinese President Xi Jinping might cancel his planned visit to the United States and their bilateral summit, scheduled for Sept. 24.

"We have a great relationship. He wants to do well and so do we," Trump said. "I think over the last few years that I've been in office, China has treated us very fairly. During the Biden and Barack Obama administrations, China made a large amount of money."

Trump also revisited his campaign pledge to pay every American $5,000 if Republicans win the midterm elections.

He had first unveiled the pledge at the Republican midterm convention in Dallas, Texas, on Wednesday.

Asked whether he believed congressional approval would be needed to fulfill the pledge, Trump said "I don't know," but added that "if Republicans win, it'll be easy enough."

"We can easily afford it because we're making a great deal of money," he said. "The Democrats can't make that promise — because if they did, everything would immediately fall apart and we could end up in a Great Depression."

"I made a promise, and I keep my promises," he said.