US GDP would be near 4% if it were not for the continued effects of Federal Reserve rate hikes, US President Donald Trump said in an interview with CNBC.

"Now, with all of that, had we not done the big raise on interest, I think we would have been close to 4%," he said. "And I could see 5,000 to 10,000 points more on the Dow. But that was a killer when they raised the rate. It was just a big mistake."