Trump's economic adviser Gary Cohn and adviser Jared Kushner listen to President Trump at a meeting with business leaders January 23.
"The president is beginning to adjust his policies to economic reality", says Joshua Meltzer, a specialist in global trade and a senior fellow at the Brookings Institution.
Until now China was a frequent target.
The Trump administration has officially declined to brand China a currency manipulator, in another major U-turn for the USA president, who had repeatedly pledged during his campaign to do so soon after taking office.
The U.S. Treasury Department had faced an April 15 deadline to submit a report to Congress declaring whether or not China was a currency manipulator.
"But asked during the Journal interview whether Yellen would be "toast" when her term ends next year, Trump said, No. not toast".
The dollar nursed losses on Friday, on track for a losing week as geopolitical tensions underpinned the perceived safe-haven Japanese currency.
But in an interview with The Wall Street Journal this week, Trump did an about-face, saying, "They're not currency manipulators". He's also long boasted of his flexibility, describing his positions as starting points for negotiation - though many of his core ideas, including frustrations over the US trade imbalance, have held steady for years.
The core of the problem, however, is much larger than what any targeted enforcement action can solve, said Scott Paul, president of the Alliance for American Manufacturing. And Thursday, the president tweeted that he had "great confidence that China will properly deal with North Korea".
Still, despite that reversal, the report said a decade of holding down the renminbi had imposed "significant and long-lasting hardship on American workers and companies" and left China with the largest trade surplus of any country against the United States - $347 billion past year.
"After listening for 10 minutes, I realized it's not so easy", the president said after a discussion with Chinese President Xi Jinping that included his hopes that China's pressure could steer North Korea away from its nuclear efforts.
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"I don't have any advance knowledge of the report".
"I felt pretty strongly that they had a tremendous power over North Korea", he said. "And [Trump] had to lay the groundwork for that, because during the campaign, he made that his commitment".
Some political analysts have suggested Mr. Trump agreed to drop his major trade issues in exchange for Chinese cooperation on North Korea.
Trump has said some US trading partners, particularly China, manipulated their currency, but has since backed off that claim and acknowledged that China had not weakened the yuan to make its exports cheaper.
"We can't reverse history. They're telling us not to do so in the future and we have no intention of doing so", a senior South Korean finance official said.
Several stances have reflected this "unexpected" approach during the past days: China abstaining from voting on the United Nations resolution draft that denounces the Syrian regime chemical attack and Trump hailing his Chinese counterpart and affirming that Beijing will exert "tremendous" efforts to help Washington in resolving the issue with North Korea.
Bilateral trade in goods hit 519.6 billion US dollars in 2016, an increase of 207 times compared with the figure in 1979 when the two countries established diplomatic relations.
PRESIDENT DONALD TRUMP: President Xi wants to do the right thing.
That's a similar position to Obama, who had advocated for the bank's role.
"It's unique to see that level of focus coming from the White House on economic topics that haven't usually been the purview of the administration", he said, explaining why markets continued to focus on Trump's remarks.
According to Commerzbank's currency strategist Thu Lan Nguyen in Frankfurt, "Yes, it was negative what (Trump) said. but it's not a big surprise - it wasn't a U-turn in his rhetoric on the exchange rate so far", Nguyen added that "The question is, is he able to influence monetary policy in order to get a weaker dollar?"
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