US President Donald Trump has heaped more pressure on the EU, after tweeting that they are “manipulating their currencies”.
The American president has become embroiled in a war of words that has threatened to erupt into a trade war between the two powers.
He accused the EU of manipulating the euro in order to put the US at an unfair disadvantage.
Earlier today, Mr Trump tweeted: “China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day – taking away our big competitive edge.
“As usual, not a level playing field. The United States should not be penalized because we are doing so well.
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“Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals.
“Debt coming due & we are raising rates – Really?”
Following this tweet, European stocks fell on Friday, with auto and bank shares among those losing ground, according to MarketWatch.
However, the euro, yuan and yen all strengthened against the dollar, with the US currency on track for its worst day of July.
He criticised currency imbalances for costing the US $150 billion with EU nations.
Mr Trump told CNBC: “They’re making money easy and their currency is falling.
“In China their currency is dropping like a rock and our currency is going up, and I have to tell you it puts us at a disadvantage.”
Earlier today Trump threatened to unleash significant tariffs on all $500bn of Chinese imports to the US.
In an interview with CNBC yesterday, the US leader also hit out at the Federal Reserve for interest rate hikes, complaining that the US needs a weak dollar.
The Reserve has hiked interest rates five times since Mr Trump took office at the start of 2017.