In a scathing tweet this afternoon, Mr Trump wrote: “European Central Bank, acting quickly, Cuts Rates 10 Basis Points. They are trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting U.S. exports….
“And the Fed sits, and sits, and sits. They get paid to borrow money, while we are paying interest!”
It comes as ECB chief Mario Draghi unveiled a sweeping simulus package in a bid to revive the flagging Eurozone.
The financial group lowered rates on the deposit facility by 10 basis points.
United States Treasury Secretary Steve Mnuchin told CNBC the ECB rates change came as no surprise to Washington.
The ECB cut its deposit rate by 0.1 percent to a record low of -0.5 percent and will restart bond purchases of 20 billion euros a month from November, it said in a statement.
With inflation falling, Germany skirting a recession and a global trade war sapping domestic confidence, the ECB had all but promised more support to the economy and the only question was how extensive stimulus would be.
In a policy statement the ECB said: ”The Governing Council expects (bond purchases) to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates.”
The ECB also eased the terms of its long term loans to banks and introduced a tiered deposit rate to help banks.
Economists polled by Reuters expected a 10 basis point deposit rate cut, a tiered deposit rate to support banks, bond buys of 30 billion euros a month from October and a fresh promise to keep rates low for longer.
The ECB said: ”The Governing Council now expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, two percent within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.”
Mr Mnuchin has said today President Trump was looking at raising tariffs for Chinese goods.