President Trump on Wednesday morning called out what he perceived as the Federal Reserve’s failure to cut rates fast enough to compete with other countries. The latest comments come after Trump has spent several months escalating a war of words with the Fed, which he once called his "biggest threat."

“Our problem is a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much (and that I was right!). They must Cut Rates bigger and faster, and stop their ridiculous quantitative tightening NOW,” Trump posted on Twitter, while noting that "our problem is not China."

While the Fed has yet to move at the pace Trump wants, his recent moves against China may force their hand. Trump last week placed a further 10% tariff on Chinese goods, prompting retaliation from the Chinese government which let the yuan fall below 7 to the dollar.

This move led to Wall Street volatility, with the Dow Jones on Monday suffering it's biggest one-day decline of 2019. CNBC noted that Trump's comments come "with U.S. government bond yields tumbling and the closely watched spread between the 3-month and 10-year notes at its biggest inversion since April 2007, just as the economy was heading into the financial crisis."

With the U.S.-China trade war reaching new heights, the Fed may have to cut rates further than the Central Bank initially wanted in order to safeguard the economy.

White House trade adviser Peter Navarro on Monday called on the Federal Reserve to cut key rates by three-quarters of a point to one point by the end of 2019 to bring U.S. rates in line with others.

Goldman Sachs warned on Monday that a trade deal with China may not be completed until after the 2020 election.

The president's feud with the central bank and Federal Reserve Chairman Jerome Powell dates back to July 2018 when Trump told CNBC that he's "not thrilled” about the Fed raising borrowing costs and potentially slowing the economy.

"I don’t like all of this work that we’re putting into the economy and then I see rates going up," Trump said at the time.

In December, Bloomberg News reported that Trump had privately discussed firing Powell.

Trump opens re-election bid US President Donald Trump arrives to speak during a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign on June 18, 2019. Photo: MANDEL NGAN/AFP/Getty Images