US President Donald Trump criticizes China, suggesting there was a coverup as the virus began and has said in recent trade that there is a strong report coming on how coronavirus developed in China.
Key comments
- Trump says tariffs would be `ultimate punishment' on China.
- Says if China does not buy US good, US will end the trade deal.
The statements follow prior news from this weekend and amid new reports that US intelligence believed that the Chinese government concealed the severity of COVID-19 from the international community in early January.
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US President Donald Trump: “Intelligence has just reported to me that I was correct” on China
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What you need to know as markets open: Pompeo and Trump ratcheted up US and China tensions
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US Intelligence reports reveal China hid coronavirus’ severity to hoard supplies – AP
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AUD/USD: Bears attack 0.6400 as trade war fears spread faster
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China is eclipsing US in Asia, Donald Trump adviser says – The Telegraph
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Pompeo's anti-China bluff strategy reveals all-or-nothing mentality to fool US voters – GT
Market implications
Risk-off. We have seen the Yuan fall in trade today to the lowest level in six weeks. AUD has followed in kind and AUD/JPY is a compelling pair as the FX market's risk barometer:
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