Donald Trump reacted furiously on Friday after the head of the US central bank spoke about the economic risks of a trade war with China.

The president asked if Federal Reserve chairman Jerome Powell was a greater “enemy” than China’s leader Xi Jinping.

It followed a speech in which Mr Powell said trade tensions were hitting the global economy and the Fed didn’t have a “rulebook” to deal with the fallout.

On Friday, China imposed new tariffs, with Mr Trump promising retaliation.

Mr Powell was giving a keynote speech at the annual convention for central bankers in Jackson Hole, Wyoming. Although he said the US economy was in a “favourable place” he listed a series of economic and geopolitical risks linked to Mr Trump’s trade war with China.

There are

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