President Donald Trump again took aim at the U.S. currency, taking a step closer to scrapping longstanding official support for a strong dollar.

“One would think that I would be thrilled with our very strong dollar. I am not!” Trump said in a tweet. “The Fed’s high interest rate level, in comparison to other countries, is keeping the dollar high, making it more difficult for our great manufacturers” to compete, identifying Caterpillar Inc., Boeing Co. and Deere & Co.

Trump’s tweets escalate his complaints over the dollar’s value and the Federal Reserve as he wages an increasingly heated trade war with China. It comes days after his administration branded China a currency manipulator and the president himself told reporters on July 26 that he had not ruled out intervention to weaken the dollar.

“With substantial Fed Cuts (there is no inflation) and no quantitative tightening, the dollar will make it possible for our companies to win against any competition,” Trump said Thursday. The Fed cut rates last week and ended the gradual shrinking of its balance sheet, which Trump calls quantitative tightening.

Concern over the trade war has roiled U.S. stocks since Trump announced the day after the Fed cut rates that he was was prepared to raise tariffs on $300 billion of Chinese imports on Sept. 1. Beijing retaliated by allowing the yuan to devalue.

Fed Chairman Jerome Powell said last week that businesses have reduced investment largely because of weak demand and a global slowdown, rather than high interest rates.

Companies “don’t come in and say, ‘We’re not investing because, you know, the federal funds rate is too high,”’ Powell said at a press briefing following the Fed’s quarter-point interest-rate cut. “I haven’t heard that from a business. What you hear is that demand is weak for their products.”