In a Friday morning social media blast filled with capital letters, President Donald Trump threatened to “STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT” if the Federal Reserve does not cut interest rates.

“The Fed Board, with its great new leader, must get smart – BE PATRIOTS for a change. High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen!” Trump wrote in a Truth Social post.

The president nominated Kevin Warsh for Fed chairman in January. He was confirmed by the Senate in May and has since presided over two Federal Open Market Committee meetings. On both occasions, the FOMC held interest rates steady.

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Trump has heaped praise on Warsh since nominating him to the post in January, and has not directly criticized him for the rate decisions in June and July. Instead, he has taken aim at other central bank policymakers, whom the president has accused of harboring political bias.

The Fed declined to comment Friday.

Trump cited Friday’s surprisingly robust jobs report from the U.S. Bureau of Labor Statistics as rationale for his rate-cut demand. U.S. employers added 162,000 jobs in August, well above estimates.

The president added that cutting off trade with countries the U.S. runs a trade deficit with would make them “no longer be considered financially ELITE!”

“Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago!” Trump wrote. “A STRONG COUNTRY MEANS A LOWER INTEREST RATE – IT’S A BETTER CREDIT…Very simple! We should have the LOWEST RATE of any country in the World, like ‘the old days.’”

Economists who shared their thoughts on the August jobs report with Scotsman Guide believe the improving labor market actually bolsters the case for a Fed rate hike in September.

The Federal Reserve typically cuts rates to prop up a sagging economy and spur hiring. It generally raises rates when it deems that inflation is accelerating too rapidly.

The rate of inflation, as measured by the personal consumption expenditures price index, registered a 12-month gain of 3.7% in July and has been above the central bank’s 2% target for more than five years.

CME FedWatch, which tracks the market-implied likelihood of Fed rate moves, is currently pricing 0% odds of a rate cut in September.

On Friday morning, following the release of the jobs report, the CME Group tool showed roughly 60% odds of a rate hike later this month and 40% chances of no action by the Fed.