China needs to follow through on the commitments of the Phase One trade deal, Katherine Tai, US President Joe Biden’s nominee for Trade Representative, said during her confirmation hearing on Thursday.
“Former officials have tried before to achieve structural changes in China’s economy and faced obstacles, saying the Biden administration needs to be “exploring all our options.”
When asked if her predecessor was on the right track to re-shore critical supply chains to the U.S., Tai said she wants to accomplish “similar goals but in a more process-driven manner.”
The risk sentiment remains tepid, as markets remain wary over surging global yields. The above comments have little to no impact on the aussie dollar, as AUD/USD drops 0.30% to near the 0.7850 region while the S&P 500 futures trade flat arounf 3,830.
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