Trump, who said last week he would slap tariffs on a further US$300 billion in Chinese imports starting September 1, also sought to appease US farmers after China shut the door to American agricultural purchases and raised the spectre of additional tariffs on US farm products.

The US currency move on Monday further inflamed an escalating dispute between the world’s two largest economies that is dragging into a second year, rattling financial markets. Wall Street notched its worst day of 2019 on Monday.

Trump on Tuesday appeared unbowed, tweeting: “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. Companies are also coming to the US in big numbers. A beautiful thing to watch!”

The Republican president also said he would continue to back American farmers, who have seen his administration already offer a US$16 billion aid package to recoup losses from the ongoing trade war.

“Our great American Farmers know that China will not be able to hurt them in that their President has stood with them and done what no other president would do – And I’ll do it again next year if necessary!” Trump wrote on Tuesday.