Trump blames his own Fed chief for stock market dip in ongoing pressure campaign to cut rates
President Donald Trump says he's right on China and that tariffs will bring Beijing to the table. (AFP / SAUL LOEB)

President Donald Trump launched a new round of attacks on Federal Reserve chairman Jerome Powell in an ongoing pressure campaign.

Powell has so far resisted Trump's calls to slash interest rates, arguing that the Fed must remain "absolutely free" from politics, but the president again smacked his own pick for the job.

"When Jerome Powell started his testimony today, the Dow was up 125, & heading higher," Trump tweeted. "As he spoke it drifted steadily downward, as usual, and is now at -15. Germany & other countries get paid to borrow money. We are more prime, but Fed Rate is too high, Dollar tough on exports."

Powell testified Tuesday before the Senate Banking Committee, where he warned that the coronavirus epidemic in China could pose dangers to the worldwide economy.