US in strong position, says Trump

US President Donald Trump arrives to board Air Force One at Wright-Patterson Air Force Base in Ohio on Aug 7, 2019.
US President Donald Trump arrives to board Air Force One at Wright-Patterson Air Force Base in Ohio on Aug 7, 2019.PHOTO: AFP

US President Donald Trump has dismissed fears of a protracted trade war after China weakened the yuan and the US Treasury labelled Beijing a currency manipulator, triggering financial market turmoil and deepening anxiety about the global economy.

"Massive amounts of money from China and other parts of the world are pouring into the United States for reasons of safety, investment and interest rates! We are in a very strong position," Mr Trump tweeted.

China's central bank said on Tuesday that Washington's currency move would "severely damage international financial order and cause chaos in financial markets", while preventing a global economic recovery.

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A version of this article appeared in the print edition of The Straits Times on August 08, 2019, with the headline 'US in strong position, says Trump'. Print Edition | Subscribe