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Biden Says He’ll Review Trump’s China Tariffs, Fueling Yuan Rally

(Bloomberg) -- US President Joe Biden said he’ll review Trump-era tariffs imposed on imports from China amid growing calls from businesses to remove the levies, fueling a rally in...
Biden Says He’ll Review Trump’s China Tariffs, Fueling Yuan Rally © Reuters. Biden Says He’ll Review Trump’s China Tariffs, Fueling Yuan Rally

(Bloomberg) -- US President Joe Biden said he’ll review Trump-era tariffs imposed on imports from China amid growing calls from businesses to remove the levies, fueling a rally in the offshore yuan.

Biden said he’s considering removing some of the tariffs and would talk with Treasury Secretary Janet Yellen about it after returning to the US from Asia. “We did not impose any of those tariffs -- they were imposed by the last administration,” he said at a press conference in Tokyo Monday.

The offshore yuan jumped as much as 0.7% in reaction and reached the strongest level since May 5. That came after a 1.5% rise last week in response to easing lockdowns in Shanghai and stronger sentiment due to a reduction in a key lending interest rate on Friday by Chinese banks.

“A reduction of US-China tariffs is taken to be positive for US-China relations and that translates to yuan gains,” said Fiona Lim, a senior currency analyst at Malayan Banking Bhd. “However, we are wary that mentions of tariff reduction have surfaced time and again,” she said.

The yuan had fallen past 7 per dollar in the midst of a US-China trade war that started in 2018, before strengthening as the two nations signed a trade deal in early January 2020. The US imposed tariffs on more than $300 billion in imports from China after a US investigation concluded China stole intellectual property from American companies and forced them to transfer technology. China then responded with its own taxes on imports.

A rollback of US tariffs would be positive for China’s exports, but supply chain disruptions and factory shutdowns due to Covid Zero in China could significantly limit the benefits from any potential reductions, economists including Aichi Amemiya at Nomura Securities International wrote in a note last week.

The offshore yuan was up 0.5% to 6.6673 per dollar while the onshore unit rose 0.5% to 6.6615 at 4:22 pm in Hong Kong. The yuan was supported by stop losses on the currency’s short positions, according to traders who asked not to be identified because they aren’t authorized to speak publicly.

Inflation Tool

The Biden administration has maintained most of the tariffs imposed by his predecessor, Donald Trump. However with inflation running at the hottest pace in four decades, the president has come under pressure from some economists and lawmakers and the US Chamber of Commerce to reduce or eliminate the tariffs.

Biden said earlier this month that he and his advisers are weighing whether to cut US tariffs on foreign imports to try to fight inflation. U.S. economists say lifting the tariffs would help to ease inflation, but aides within the administration don’t want to suspend tariffs and risk appearing soft on China ahead of the November congressional elections.

Other Asian currencies and the Australian dollar received a boost from Biden’s comments. The Aussie rose as much as 1.2% to 0.7126 per greenback.

Any easing of tensions between the US and China could set a more benign environment for constructive Australia-China relations as well, Maybank’s Lim added.

(Updates throughout)

©2022 Bloomberg L.P.

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29-03-2024 20:11:33 (UTC+7)

EUR/USD

1.0799

+0.0012 (+0.11%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (5)

EUR/USD

1.0799

+0.0012 (+0.11%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (5)

GBP/USD

1.2634

+0.0011 (+0.09%)

Summary

↑ Buy

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Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (2)

USD/JPY

151.23

-0.14 (-0.10%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (7)

AUD/USD

0.6525

+0.0010 (+0.16%)

Summary

Sell

Moving Avg:

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Indicators:

Buy (2)

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USD/CAD

1.3542

+0.0004 (+0.03%)

Summary

Neutral

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EUR/JPY

163.28

+0.03 (+0.02%)

Summary

↑ Buy

Moving Avg:

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EUR/CHF

0.9729

+0.0001 (+0.01%)

Summary

↑ Sell

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Gold Futures

2,254.80

42.10 (1.90%)

Summary

Buy

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Indicators:

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Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

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Copper Futures

4.0115

-0.0003 (-0.01%)

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↑ Buy

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

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↑ Buy

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Brent Oil Futures

86.99

+0.04 (+0.05%)

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Neutral

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Natural Gas Futures

1.752

+0.034 (+1.98%)

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↑ Sell

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US Coffee C Futures

188.53

-2.12 (-1.11%)

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↑ Sell

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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↑ Sell

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Sell (12)

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S&P 500

5,254.35

+5.86 (+0.11%)

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↑ Sell

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DAX

18,504.51

+27.42 (+0.15%)

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FTSE 100

7,952.62

+20.64 (+0.26%)

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↑ Sell

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Hang Seng

16,541.42

0.00 (0.00%)

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Buy (3)

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US Small Cap 2000

2,120.15

+5.80 (+0.27%)

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Neutral

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IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

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Sell (12)

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Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

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↑ Buy

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Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

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↑ Buy

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Sell (1)

 EUR/USD1.0799Neutral
 GBP/USD1.2634↑ Buy
 USD/JPY151.23↑ Sell
 AUD/USD0.6525Sell
 USD/CAD1.3542Neutral
 EUR/JPY163.28↑ Buy
 EUR/CHF0.9729↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(30/ 30) # 1,364
SJC HCM7,900/ 8,100
(0/ 0) # 1,384
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,386
SJC Danang7,900/ 8,102
(0/ 0) # 1,386
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,386
SJC Cantho7,900/ 8,102
(0/ 0) # 1,386
Cập nhật 29-03-2024 20:11:35
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ↀ Giá vàng thế giới
$2,232.75-1.61-0.07%
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 18:53:13 29/03/2024
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