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On Chinese tariffs, Trump said he was "ready to go to 500", referring to the roughly $505 billion (€431 billion) in Chinese goods imported to the U.S. previous year.

"I'm ready to go 500", the Republican leader told the USA network CNBC, referring to the $505.5 billion in Chinese imports accepted into the U.S.in 2017. The figure is roughly double the value of Chinese products on which Trump has already imposed or threatened to impose tariffs-and almost equal to the total value of goods and services America purchased from China a year ago.

The Chinese currency has tumbled to a one-year low, down about 4.5 percent against the dollar in the past month, with investors being caught off guard by the PBOC's seeming comfort with its slide.

USA stocks inched lower Friday as bond yields jumped, a shift that helped banks but hurt companies that pay big dividends.

China accused the United States of starting the "largest trade war in economic history".

The US dollar fell against major currencies on Mr Trump's threat to impose more import tariffs and his repetition of complaints about rising interest rates and the strength of the US dollar. Experts say the newly-imposed tariffs against American agriculture products only add to the stresses on producers, who were already facing financial woes and worker shortages.

The administration to date has slapped tariffs on $34 billion of Chinese goods in a trade dispute over what it calls the There is already pushback in the USA from businesses that will take a hit in an escalating trade war. nation's predatory practices.

Last week, the Trump administration also identified a further $200bn in Chinese goods it may target for tariffs, for a total of $250bn.

Beijing vowed "firm and forceful measures" in response.

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Beijing is targeting sectors, like agriculture, that could harm President Trump politically at home.

"We're in a world of firsts and tweeting about the Fed, not once, but twice, doubling down, that the president is trying to exert pressure", said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group LLC in Pittsburgh.

"We think the Fed has independence and they'll continue to do the right thing", he said.

Trading partners including China, Canada, the European Union, and Mexico have hit the United States with retaliatory tariffs.

Giving companies access to yuan may make it easier for them to do business with China, but it's unlikely to bolster the naira much, according to Omotola Abimbola, a bond and currency analyst at Ecobank Transnational Inc.

On Friday, the yuan dipped to a 12-month low of 6.8 to the dollar, off by 7.6 percent since mid-February.

Over the past three years, Beijing has gradually widened the narrow band in which the yuan is allowed to fluctuate, though regulators intervene regularly to guide its movement. China's central bank is allowing its tightly controlled yuan to drift lower against the dollar, a move that could help exporters cope with US tariff hikes but raises the risk of reigniting an outflow of capital Beijing spent months trying to stanch.

The U.S. government put tariffs on imported steel, aluminum, washing machines and solar panels this year and is considering taxing auto imports.

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