- USTR Tai: Exploring all weaknesses in China's phase 1 performance
Market news
USTR Tai: Exploring all weaknesses in China's phase 1 performance
“Exploring all weaknesses in china's phase 1 performance, including lack of commercial aircraft purchases,” US Trade Representative (USTR) Katherine Tai said, per Reuters, during early Thursday morning in Asia.
Additional comments
Optimistic engagement with China on the Phase 1 trade deal will lead to better outcomes but cannot predict results.
Biden administration is 'getting traction' with Chinese counterparts in trade discussions.
Discussions with China aim to hold Beijing accountable to Trump-era 'phase 1' trade agreement.
The US is exploring all weaknesses in China's phase 1 performance, including lack of commercial aircraft purchases.
Biden, Xi familiarity with each other will help manage complex relationship during difficult period.
Not in her interest for talks on the China phase 1 deal to take a 'very, very long time'.
USTR focused on 'big picture' and US competitiveness (when asked whether easing tariffs on Chinese goods could help tame inflation).
FX implications
With Politico news saying the virtual summit between US President Joe Biden and his Chinese counterpart Xi Jinping tentatively set for Monday, such comments from USTR Tai escalate market’s tension considering not so good US-China trade relations. It should be noted, however, be noted that there was little reaction to the catalyst amid the Asian market’s wait for Australian employment data after witnessing a volatile Wednesday, due to the US inflation figures.
Read: Forex Today: Dollar wins as inflation fears return
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