USTR Tai: Still working on next trade actions with China

United States Trade Representative (USTR) Katherine Tai said early Tuesday, “we're still working on next actions with China.”

Additional comments

“US is taking a methodical approach in Asia.”

“Biden's team believes that trade requires new ideas.”

Tai spoke ahead of a likely discussion scheduled between US President Biden and Treasury Secretary Janet Yellen on the administration’s review of Section 301 tariffs on circa $370 bn worth of Chinese goods.

In his speech on Monday, Biden said that the US is considering reducing tariffs on China.

Market reaction

AUD/USD is uninspired by the optimism on the US-Sino trade front, as it sheds 0.45% on the day to trade at 0.7074, as of writing.