He accuses them of gaining trade advantage, and also slams Fed for raising interest rates

US President Donald Trump has stoked fears of a currency war, on top of a trade war that has already sent jitters across markets.

He not only warned that he was prepared to expand tariffs against China, but also blasted China and the European Union for keeping their currencies low to gain a trade advantage.

He also criticised the US Federal Reserve for raising interest rates last Wednesday, when it hiked its benchmark rate to a range of between 1.75 per cent and 2 per cent.