US President Biden has set aside the option of scrapping some China tariffs for now

Uh-oh. Look out AUD AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term!

• China's response to Pelosi trip to Taiwan has led Biden administration officials to rethink potential tariff moves
• Biden administration has set aside, for now, the option of scrapping some tariffs on China or investigating adding more
• Biden has not made a final decision on tariff issue

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Reuters with the report citing unnamed sources.

The reason I say look out AUD is China's response to US moves against its regime has been to bully much smaller US allies, like Australia. China's Communist Party levied, and has kept in place, punitive tariffs on many goods exported to China from Australia. There was some hope the administration in the US would ease back some China tariffs under Biden, but so far that has not been the case. There were also hopes in Australia that the new administration here would see a warming of relations with China and an easing in trade restrictions. This does not appear likely any time soon though. China's ambassador to Australia had this to say just yesterday, amongst comments also relating to China's detention of an Australian political prisoner:

• China - not yet at the stage to discuss about how to solve trade issues with Australia