According to China’s highly influential media outlet, Global Times, “Chinese authorities have informed the US Department of Agriculture that Chinese customs will suspend meat imports transported by US firm Tyson Fresh Meat starting from Monday after its pig trotters failed to pass inspection.”

This could add to the ongoing concerns between the US and China over Taiwan, especially after “two American Navy warships have entered the Taiwan Strait in what is the first US naval transit in the waterway since US-China tensions spiked this month over a visit to the island by House Speaker Nancy Pelosi,” per CNN News.

Market reaction

At the time of writing, AUD/USD is shedding 0.52% on the day, trading at near-daily lows of 0.6849, undermined by notable US dollar demand and renewed US-Sino woes. AUD bulls fail to find any support from the upbeat Australian Retail Sales data.