US President Donald Trump has yet to decide on rolling back the accumulated tariffs. He says that China wants him to do that. The president repeats his stance that the world's second-largest economy would like to make a deal.
Safe-haven assets are on the rise, with USD/JPY falling off the highs. AUD/USD has extended its falls, amid the risk-off mood.
Here is the move on the dollar/yen chart:
Headlines related to US-Sino trade relations have been rocking markets in the past few days. Presidents Trump and Xi Jinping were set to meet on the sidelines of the APEC Summit in Santiago. However, the Chilean government called off the event, and a new venue has yet to be agreed. The White House has reportedly offered Iowa.
Gao Fend, China's Commerce Minister, stated that levies would be rolled back with every phase of the trade deal. However, Trump's announcement shows that both sides are far from cutting a deal.
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