Last month, the US Federal Reserve raised short-term interest rates to a range of 1.5 per cent to 1.75 per cent due to the solid economic growth in the US, and additional rate hikes are expected this year.
In the past few weeks, Trump has announced a series of protectionist measures, including the imposition of tariffs on steel and aluminium imports, and has mentioned special tariffs on a number of products imported from China.
Trump said the goal was to reduce the huge US trade deficit with China.
China responded by announcing tariffs on some US imports, causing alarm in global markets about a possible trade war between the countries.
China's currency, the yuan, has climbed roughly 10 per cent against the dollar over the past 12 months, while the Russian ruble has lost 10 per cent against the greenback against the backdrop of US and European Union economic sanctions against Moscow.
Russia is not among the dozen most-important US trade partners.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)