US VP Pence: Trump will continue to make clear that China must open up its market

US Vice President Pence has been crossing the wires and said that the US President Trump will not allow China to take advantages of united states.

Key comments

  •  Trump will continue to make clear that China must open up its market.
  •  Trump administration has made clear that issue of hong kong must be solved peacefully.
  •  Trump wants reciprocal relationships with other countries regarding trade.
  • Trump is willing to use tariffs and access to u.s. economy as he negotiates range of trade deals.

FX implications

The timeline for a so-called 'phase-one deal' is approaching where otherwise, on the 15th December, a new round of tariffs are scheduled to kick on on Chinese imports. We have seen recent provocations from both sides in recent days following the signing of the Hong Kong bills by the US President Trump. The latest headline to upset markets came from Trump commenting that it might be preferable to hold off on completing a trade deal until after the November 2020 presidential election. This is risk-off material which will likely weigh on the US dollar, AUD, the yuan and likely support the yen. 

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