Mulvaney tells Fox News Channel that Trump "is not the first president, nor he is he the first Republican conservative or Democrat who is frustrated that every time things seem to getting a lot better (economically), the Fed tries to pump the brakes". "We are being taking advantage of and I don't like it", he said. He also lamented the strength of the dollar and accused the European Union and China of manipulating their currencies.
"We've been ripped off by China for a long time", he added.
The U.S. central bank has hiked rates twice this year and most experts expect two more increases by year's end.
After sliding recently to its lowest levels in a year as the Sino-US trade conflict heated up, the yuan strengthened to around 6.77 to the dollar around 1400 GMT on Friday in choppy trading.
President Donald Trump has said he is "not happy" about the fact that the US Federal Reserve is raising interest rates.
"I'm not thrilled", Trump said in his interview with CNBC.
Later, the White House said in a statement that Trump respects the Fed's independence and was not interfering with its policy decisions.
He said the Fed's course of tightening monetary policy "now hurts all that we have done".
Trump nominated Powell as Fed chairman a year ago to replace Janet Yellen.
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But during the campaign, the 29-year-old was asked about a potential reunion with fellow countryman Philippe Coutinho in Spain. That amount would be incredibly hard to turn down for Chelsea , even if Maurizio Sarri is keen on keeping him.
The current Fed chairman, Jerome Powell, is a Trump appointee.
Trump regularly claims that his policies, especially tax cuts enacted by Congress last December, have created jobs and economic growth.
White House economic adviser Larry Kudlow blamed Chinese President Xi Jinping for a lack of progress in bilateral trade talks, saying that lower-ranking officials want a deal.
"The thing fueling the dollar strength is the strength of the US economy", said Michael O'Rourke, chief market strategist at Jones Trading in Greenwich, Connecticut.
"The United States should not be penalized because we are doing so well", Trump said in a tweet Friday morning.
Mr. Powell argues that the economy is strong enough to handle higher rates after the rates were kept artificially low to help the recovery from the Great Recession of 2007. "I guess that has taken people a bit by surprise", he said.
Trump authorized the tariffs after an investigation he ordered by the U.S. Trade Representative's office found that China was violating intellectual property rules and forcing American companies operating in China to hand over their technology secrets to gain access to the market. "In light of the European Union and others saying they are ready to respond to tariffs on cars, the stakes are rising fast".
World stock markets fell dramatically early Friday following President Donald Trump's remarks about being prepared to slap new tariffs on Chinese imports. I put a very good man in the Fed.