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.