China burned through $1 trillion of reserves supporting the yuan in the last economic downturn in 2015, which also saw it devalue the currency in a surprise move.
Trump told reporters that he received strong support from Democratic leaders including House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.).
The U.S. could threaten to buy up large amounts of Chinese government bonds, which would push up the yuan's value, even if China wants it to depreciate. In the long run, it is China-US trade relations that affect the exchange rate, not the reverse, he said.
Trump's comments dashed hopes that the U.S. Commerce Department would soon approve some licenses for American companies to resume some sales to Huawei.
But Trump said the two countries still have "an open dialogue".
The financial organization explained that, in the case the Americans imposed 25 percent tariffs on a remaining $300 billion list of imports from China, the Asian nation's growth could be reduced by nearly one percentage point (0.8 to be exact, ) over the next year because demands would sharply decrease. "And it's just false", Peter Navarro, director of the White House National Trade Council, told FOX Business' Gerry Baker on Friday.
"We're doing very well with China".
Roadmap for India’s troubled Kashmir under its new status
Kashmir has been a bone of contention between India and Pakistan since the countries gained freedom from British colonial rule in 1947.
Finger-pointing China as a "currency manipulator" is essentially an act of unilateralism that extends trade disputes into worldwide finance, which will only hinder global economic recovery, Zhu added.
His rhetoric has led to speculation that the US government, using the Treasury, might intervene to weaken the dollar by using the Exchange Stabilization Fund. The effect is greater purchasing power for USA consumers.
"It is the US' escalating trade friction that has affected the exchange rate of the yuan, to which the market has already fully responded", said Wang.
The US has also tangled with Chinese tech giant Huawei, which was added to a US trade blacklist in May over concerns of intellectual property theft and spying.
A strong dollar puts USA manufacturers at a competitive disadvantage, he said.
On Friday, the central parity rate of the onshore yuan, from which the currency is allowed to rise or fall by 2 percent per trading day, was 7.0136 against the dollar.
China also announced that it was halting orders of US agricultural products, a blow to American farmers for whom China is a very big market. This could also be called a "sale" on Chinese-made goods.