BEWARE RINGGIT BULLS – MORE CAPITAL FLIGHT BACK TO U.S.? TRUMP PROMISES MORE ON ‘MASSIVE TAX CUT’ BY WEDNESDAY OF NEXT WEEK

Malaysian ringgit notes are seen among U.S. dollar bills in this photo illustration taken in Singapore August 24, 2015. The Malaysian ringgit hit a fresh pre-peg 17-year low on Monday as sustained worries about China's economy dented global risk appetite with European and Wall Street stocks suffering their largest one-day drop in nearly four years. The ringgit lost 0.9 percent to 4.2200 per dollar, its weakest since Aug. 31, 1998. The ringgit was pegged at at 3.8000 to the dollar in September 1998 and maintained there until 2005. REUTERS/Edgar Su

President Donald Trump promised to make an announcement about much anticipated tax reform next week, but it was not immediately clear how much he would reveal or what form it would take.

“We’ll be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago but it really formally begins on Wednesday,” Trump said at the Treasury Department on Friday.

Earlier, he told The Associated Press that businesses and individuals will receive a “massive tax cut” under the package. He would not provide details of the plan, saying only that the tax cuts will be “bigger I believe than any tax cut ever.”

The Dow Jones industrial average pared losses, briefly turning positive, following the news.

Then, the White House issued a subsequent statement to CNBC that appeared to soften that timeline: “The President was saying what we’ve been saying all along, that he wants to do tax reform as quickly as possible while still doing it right.”

— Reporting by CNBC’s Ylan Mui and The Associated Press.