China’s Commerce Ministry: Cancelling tariffs in interests of US companies, consumers

Dhwani Mehta FXStreet

Gao Feng, spokesman of the Ministry of Commerce said at an online media briefing on Thursday, “it is in line with the fundamental interests of American enterprises and consumers to cancel the additional tariffs imposed on Chinese products by the US,” in the face of raging inflation, per China Daily.

“Normal communication between the two sides' economic and trade teams are ongoing,” he added.

His comments come as a response to US Treasury Secretary Janet Yellen's statement. Yellen said that the US is re-examining its trade strategy toward China, and is open to lowering US tariffs on Chinese goods to address inflation.

Market reaction

AUD/USD was last seen trading up 0.13% on the day at 0.7133, as the US dollar pulls back amid risk-on trading and ahead of the Q1 GDP print.

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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