Responding to the US’ remarks on the "Phase One" trade deal, the Chinese Foreign Ministry said that “both sides should address issues on basis of mutual respect.”

“In principle, there is no winner from trade frictions,” the Ministry added.

Earlier today, US officials said: “Our patience is wearing thin' in talks with China, seeking concrete action.”

Market reaction

AUD/USD is off the highs, currently trading at 0.7094, still up 0.24% on the day. Markets digest the renewed US-China trade headlines amid fresh weakness in the US dollar.