Germany's Chancellor Angela Merkel has rebuffed accusations of currency manipulation by U.S. President Donald Trump, warning other countries in the European Union that the future of the 28-country bloc lies in its hands.

The new U.S. president's comments have been hard on the EU: he praised Brexit and criticized the bloc's refugee and monetary policies. Trump also said the EU was a "vehicle for Germany".

Asked by CNBC about those comments at a press conference Chancellor Angela Merkel said Europe "will need to stand on our own two feet" as we may have some policy differences.

"We have to clearly nurture the values in our foreign policy that we consider to be important," Merkel said. "We also have to bear our vested interest in mind, that's what others have to do. It's what the President of the United States is doing.

"There will be invariably areas where we are linked with common interest. I don't think International terrorism can be fought on one's own, globally. That has to be done together. And then there will be tasks where, well maybe, in the future where we will need to stand on our own two feet."