US Commerce Secretary Gina Raimondo said on Tuesday she does not expect any revisions to U.S. tariffs on China imposed during President Donald Trump’s administration until an ongoing review is completed by the US Trade Representative’s (USTR) Office, reported Reuters while citing the CNBC interview of the diplomat.
The policymaker also cited the need for the tariffs to be much more strategic to defend the government’s four-year review.
It should be noted, however, that US Commerce Secretary Raimondo criticized Chinese practices of subsidizing their businesses as it negatively impacts the US workers. The same justifies the need for a level playing field per the US Diplomat.
Market sentiment remains sour
The news joins the previous fears of China’s slowdown and the US-China tussles to weigh on the sentiment, which in turn exerts downside pressure on the AUD/USD pair, down 0.07% intraday near 0.6375 after refreshing the yearly low the previous day.