"They lived too well for too long and frankly I guess they think that the Americans are stupid people".
"It's a correction that we've been waiting for for a long time", he said of the more than 800-point drop.
US stocks took their worst loss in eight months Wednesday, with the Dow Jones Industrial Average sinking 831 points and the Nasdaq composite logging its biggest loss in more than two years.
Trump has repeatedly touted the spate of Wall Street records as proof of the success of his economic program, including his confrontational trade strategy, and criticized the Fed for raising the benchmark interest rate - three times this year - saying it would undermine his efforts.
Mnuchin said in the discussions he had with the Chinese they had made clear that they did not see a further weakening of the Chinese yuan as being in their interests. While this isn't too surprising it also appears to show a tin ear to the company's reputation on the high street where the company was again voted the UK's worst high street retailer by "Which" magazine earlier this year.
The steep drop in Asia followed a decline on Wall Street of almost 830 points, the biggest fall since February, amid Trump's latest criticism of the Federal Reserve, the United States central bank. As interest rates go up, bonds, not equities, are starting to look more attractive to investors.
It was at least the third time that the president has criticised Fed policy since taking office.
The Fed under his hand-picked chairman Powell has been gradually raising rates as the economy has strengthened to prevent a run-up in inflation.
When asked about the steep fall of the stock market, Trump said he was not anxious about it.
The Dow Jones stock market average dropped by 831 points, which is 3.15 percent of its opening value on Wednesday. "I'm just disappointed at the clip" that rates are being raised.
There are millions of working families with credit card debt and raising interest rates is not going to help any of these people.
"It's not necessary in my opinion, and I think I know about it better than they do", the President said of the decision to increase interest rates.
A stock sell-off, rising trade tension with China, slower global growth and verbal pressure from the White House are unlikely to dent the US Federal Reserve's rate hike plans in an economy performing in line with the central bank's forecasts.
Fed named Powell to lead the central bank but can only fire him for cause.
"They want to negotiate, they want to negotiate badly, but I told them, 'You're not ready yet". So the jobs data might have suggested to the market that the Fed would accelerate its rate-hiking cycle, beyond one more in December and three more next year, as it implied in its policy meeting on September 26.
The broad-based S&P 500 also dropped 2.1 percent to 2,728.26, while the tech-rich Nasdaq Composite Index fell 1.2 percent to 7,330.26.
On Friday, the stock market rebounded slightly from its big dip earlier in the week.
The U.S. Federal Reserve is plum loco.
Does the market fear the Fed will respond to inflationary signals with more hikes than previously expected, maybe enough to hurt corporate profits, or dim the USA economy into recession?
"Higher interest rates need not be a threat - they can and should be taken as a sign of economic strength", said Carl Tannenbaum, chief economist for Northern Trust.