In a taped interview with the business channel CNBC, Trump said "I'm willing to go to 500", referring roughly to the $505.5 billion in goods imported past year from China, the New York Times reported.
"I'm not thrilled. Because we go up and every time you go up, they want to raise rates again".
Trump said he and Chinese President Xi Jinping maintain a good relationship despite the growing dispute over trade.
"I'm ready to go to 500", Trump said the CNBC interview broadcast Friday.
"But I don't like all of this work that goes into doing what we're doing", Trump said, arguing that the Fed's hikes could disrupt economic growth.
An IMF analysis shows that potential USA duties on foreign cars represent a greater risk to the global economy than the tariffs the Trump administration is considering on Chinese imports.
"The Fed has often faced political pressures - from Congress, presidents, Treasury secretaries and innumerable outside groups", said Kroszner, an economics professor at the University of Chicago.
The US dollar lost ground against rival currencies following the comments.
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Shoppers, meanwhile, have lots of sales to choose from as other retailers offer promotions to try to take a share of the spending. Amazon is gearing up for its annual Prime Day on July 16, but getting a deal that matches Black Friday prices isn't a certainty.
Speaking to reporters on the sidelines of a Group of 20 meeting in Buenos Aires, Argentina, Mnuchin said he can't comment on why the USA president made the comments but he doesn't think they were a mistake.
The White House also attempted to assuage fears of the president pressuring the Fed immediately after Trump's comments were released.
Trump this week criticized the Fed and Chairman Jerome Powell for the increases adopted in March and June, saying that tightening monetary policy is threatening to thwart the economic recovery.
Aides told Trump that they believe the Fed will stop when its target rate is around 2.5 percent.
"So somebody would say, 'Oh, maybe you shouldn't say that as president.' I couldn't care less what they say, because my views haven't changed".
"We've been ripped off by China for a long time", he added.
"China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S.is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge", Trump wrote on Twitter.
Trade discussions aimed at defusing tensions between the USA and China have stalled, and Treasury Secretary Steven Mnuchin said the US would only be willing to get back to the table if China agrees to deepen structural changes to its economy.
Other economists are downplaying Trump's remarks, noting that Fed Chairman Jerome Powell is unlikely to be influenced by them and the central bank is an independent agency that has other safeguards created to insulate it from political pressure.