Former Bank of Israel Governor and former Vice Chairman of the US Federal Reserve Chair Prof. Stanley Fischer attacked US President Donald Trump at the Globes Governors Conference in Tel Aviv, claiming Trump "doesn't understand trade," Globes reported.
Speaking at the conference, Fischer said: "The problem with Trump's approach to trade is that he doesn't understand trade. Trump only understands if somebody wins and somebody loses. Both sides profit if they have a head on them and they know how to conduct negotiations."
"I understand that Trump is an expert on this," he added. Fischer also mentioned the book "The Art of the Deal," authored by Trump or someone who wrote it "in his name."
"That's not what happens in international trade," Fischer said about the book. "Trump....simply does not understand, and if he does understand then he has successfully concealed the fact."
Though the global economy has recovered since World War II, Fischer believes that "almost every day" the US takes steps to "weaken the global economy."
Slamming the economic wars between China and the US as "virtually insufferable," he warned that the situation is constantly "deteriorating" and that the situation is "very serious" and "causing much damage" to the "economy of countries."
Returning to his Trump-bashing, Fischer claimed: "I am almost certain that if Trump had not intervened, the Fed would not have raised the interest rate."
According to him, "Trump provoked them [the Feds] into asking" how they could prove that they were not his followers.
This attitude, he said, is "a large part of our problem." He added: "The Fed is a professional place with excellent economists."