Trump says China won't be labeled a currency manipulator

WASHINGTON (AP) - Backing away from a campaign pledge, President Donald Trump says his administration will not label China a currency manipulator in a report due this week, though he does feel the U.S. dollar "is getting too strong."

Trump also says he would prefer that the Federal Reserve keep interest rates relatively low.

The president expresses those views in an interview with The Wall Street Journal in which he leaves open the possibility of re-nominating Janet Yellen for a second four-year term as Federal Reserve chair. That would mark another shift from his campaign position that he would "most likely" replace Yellen when her term as chair ends in February next year.

In the interview, Trump says, "I do like a low-interest rate policy, I must be honest with you."