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Biden Could Ease China Tariff Burden This Week

US-CHINA
  • The Wall Street Journal reports that Biden could announce a roll back of China's tariff burden as soon as this week as the POTUS looks to rein in inflation and ease price pressures on the consumer.
  • Sources cited in the report say that tariffs on certain goods classes including clothing and school supplies could be paused, while a broad framework is also launched to allow importers to request waivers for other tariffs.
  • USD/CNH spills lower on the headline, putting the pair at 6.6807 - the lowest since June 28th - before some stabilisation. In sympathy, equity futures see some minor support, prompting the e-mini S&P to add around 10 points to trade at 3815.50 last.

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