Sunday, June 26, 2022
Martin Hennecke

Yuan jumps as Biden hints at lower tariffs
<p>Stocks and the yuan advanced after President Joe Biden signaled he&#39;d reconsider China tariffs imposed by the Trump administration.</p><p>The onshore yuan closed at a nearly three-week high of 6.6634 against the US dollar, up 106 basis points.</p><p>Biden said he was weighing cutting tariffs on Chinese goods while increasing calls on OPEC to raise oil production as he grappled with a politically damaging wave of inflation.</p><p>&quot;I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they&#39;re under consideration,&quot; Biden said on reducing tariffs on China.</p><p>He made the comments during a news conference with Japanese Prime Minister Fumio Kishida.</p><p>US equity futures rose amid expectations bargain hunters will help pull the S&amp;P 500 back from bear-market levels.</p><p>Traders interpreted Biden&#39;s comments that he&#39;ll discuss the US tariffs on Chinese imports with Treasury Secretary Janet Yellen when he returns from his Asia trip as a signal there could be a reversal of some Trump-imposed measures.</p><p>&quot;Today&#39;s appetite for risk has been sparked by the US President&#39;s announcement that trade tariffs imposed on China by the previous Trump administration will be discussed,&quot; said Pierre Veyret, a technical analyst at ActivTrades. &quot;Investors see this as a possible de-escalation of the trade war between the two economic superpowers, and this has revived trading optimism towards riskier assets.&quot;</p>

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