US Pres. Biden underscores concerns about Beijing’s coercive and unfair economic practices

Dhwani Mehta FXStreet

Steve Herman, White House Bureau Chief tweeted out a press release, confirming the telephonic conversation held between US President Joe Biden and China’s President Xi Jinping.

Key takeaways

Biden affirmed priorities of protecting the American people’s security and preserving a free and open Indo-Pacific.

Biden underscores concerns about Beijing’s coercive and unfair economic practices, crackdown in Hong Kong, human rights abuses in Xinjiang and increasingly assertive actions in the region, including Taiwan.

The two leaders exchanged views on the covid pandemic and climate change.

Biden committed to pursuing results-oriented engagements when it advances the interests of the American people and those of our allies.

Biden will be 'practical, hard-headed, clear-eyed' in dealings with Xi Jinping.

Unlikely US will shrink military presence in Asia-Pacific under Biden.

US participation in 2022 Beijing winter Olympics not on agenda in Biden's discussion with Xi Jinping.

President Biden took to his Twitter handle, saying: “I spoke today with President Xi to offer good wishes to the Chinese people for Lunar New Year. I also shared concerns about Beijing’s economic practices, human rights abuses, and coercion of Taiwan. I told him I will work with China when it benefits the American people.”

Market implications

The risk sentiment remains tepid amid concerns over the global economic recovery despite a prolonged period of fiscal stimulus and lose-monetary policy worldwide.

The S&P 500 futures post small losses while correcting near 3,900. AUD/USD trades modestly flat around 0.7720.

S&P 500 Futures slips below 3,900 amid consolidation from record top

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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