US President Donald Trump called for further cut rates after the Federal Reserve slashed rates by half percentage point on March 3 in an emergency move designed to insulate the nation's economy from the impact of the coronavirus.

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"The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!" tweeted Trump, who has long criticised the US central bank and urged lower rates.

The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!

— Donald J. Trump (@realDonaldTrump) March 3, 2020

Earlier, he called on the Fed to cut interest rates significantly and said that higher borrowing costs are tough on its exporters and that puts the country at a disadvantage.

"Our Federal Reserve has us paying higher rates than many others, when we should be paying less. Tough on our exporters and puts the USA at a competitive disadvantage. Must be the other way around. Should ease and cut rate big," Trump said.

The US Trump has repeatedly criticised Fed Chair Jerome Powell in the recent past and has said that the bank has kept interest rates too high.