MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Biden Expected To Unveil New China Tariff Plan In Pittsburg Speech Shortly

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President Biden is shortly due to deliver a speech in Pittsburg, Pennsylvania where he is expected to announce the White House is considering tripling tariffs on some Chinese metals. LIVESTREAM

  • The move, dsigned in part to outflank former President Donald Trump’s punitive tariff plan, comes strategically in a state which is critical to Biden's bid to secure re-election in November. It is likely part of a broader set of upcoming policy proposals to offset the risk to US and global markets from Chinese industrial overcapacity.
  • Bloomberg reports: “Biden will propose new 25% tariffs on certain Chinese steel and aluminum products as part of an ongoing review, while the US also launches a formal probe into China’s shipbuilding industry. Biden will reiterate that United States Steel Corp., based in Pittsburgh, should remain American-owned.”
  • NEC Director Lael Brainard told reporters: “The president understands we must invest in American manufacturing, but we also have to protect those investments and those workers from unfair exports associated with China’s industrial overcapacity.”
  • Treasury Secretary Janet Yellen said yesterday: “While in Guangzhou and Beijing this month, I was able to have frank discussions with senior Chinese officials regarding China’s industrial policy practices and the negative spillovers that overcapacity can create for the global economy. These are concerns I hear not only from American firms, but from many others as well. And I continue to believe that addressing overcapacity and broader macroeconomic imbalances can help China’s own economy.”
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President Biden is shortly due to deliver a speech in Pittsburg, Pennsylvania where he is expected to announce the White House is considering tripling tariffs on some Chinese metals. LIVESTREAM

  • The move, dsigned in part to outflank former President Donald Trump’s punitive tariff plan, comes strategically in a state which is critical to Biden's bid to secure re-election in November. It is likely part of a broader set of upcoming policy proposals to offset the risk to US and global markets from Chinese industrial overcapacity.
  • Bloomberg reports: “Biden will propose new 25% tariffs on certain Chinese steel and aluminum products as part of an ongoing review, while the US also launches a formal probe into China’s shipbuilding industry. Biden will reiterate that United States Steel Corp., based in Pittsburgh, should remain American-owned.”
  • NEC Director Lael Brainard told reporters: “The president understands we must invest in American manufacturing, but we also have to protect those investments and those workers from unfair exports associated with China’s industrial overcapacity.”
  • Treasury Secretary Janet Yellen said yesterday: “While in Guangzhou and Beijing this month, I was able to have frank discussions with senior Chinese officials regarding China’s industrial policy practices and the negative spillovers that overcapacity can create for the global economy. These are concerns I hear not only from American firms, but from many others as well. And I continue to believe that addressing overcapacity and broader macroeconomic imbalances can help China’s own economy.”