UPDATE 1-Trump praises U.S. economy amid China spat, vows to back farmers

U.S. President Donald Trump on Tuesday dismissed concerns over a protracted trade war with China, saying the United States was "in a very strong position," a day after his administration ratcheted up tensions by labeling Beijing a currency manipulator.

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

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(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)