U.S. President Donald Trump on Tuesday dismissed concerns over a protracted trade war with China, as Beijing warned that Washington's decision to label it a currency manipulator would lead to chaos in financial markets.

Trump, who announced last week he would slap a 10 percent tariff on a further $300 billion in Chinese imports starting Sept. 1, said investment was pouring into the U.S. economy. He also pledged to stand with American farmers in the face of Chinese retaliation.

China has halted U.S. agricultural purchases and raised the specter of additional tariffs on U.S. farm products.