The U.S. stock market's 2018 gains have been erased, with the Dow dropping more than 550 points on Monday. 

Responding on "America's Newsroom," former Republican presidential candidate Carly Fiorina said President Trump "jawboning" the Federal Reserve over interest rates will not help matters.

Trump took to Twitter Tuesday morning, imploring the Federal Reserve officials to read an editorial in the Wall Street Journal and not "make yet another mistake" by raising interest rates again. The former Hewlett-Packard CEO said Trump's comments are "wholly inappropriate" for any U.S. president. 

"Stock markets trade on what they think will happen, not on what they think has happened," she explained, highlighting deregulation and tax relief by the Trump administration as fueling previous market gains in 2018.

But she said people now believe the economy will not improve further, employment numbers will not get any better and the Fed will only raise rates in 2019. 

Fiorina said talk of a recession is "premature," but the economy may stagnate or get "slightly worse" next year. She said the threat of a trade war and slower growth by China is also weighing on investors. 

She said she's "not a fan of tariffs" because they hurt U.S. producers just as much as Chinese producers and give Beijing "too much leverage" over the United States. 

Watch the full interview above, and see economic analysis from Fox Business Network below.

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