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| China's Ministry of Commerce States It Does Not Seek to Create a Trade Surplus with the US |
On Friday, a spokesperson for China's Ministry of Commerce announced that the country does not aim to deliberately engineer a trade surplus with the United States. The spokesperson added that China's trading relationship with the US is affected by multiple factors, such as their different economic structures, the international division of labor, and US export controls to China.
The spokesperson urged the US to remove trade restrictions on China, as such a move would be beneficial to both sides. Additionally, the spokesperson stated that the forced sale of TikTok would damage foreign investors' confidence in the US and should be opposed.
At the time of writing, the AUD/USD currency pair was off its lows but remained under pressure near 0.6675. This is due to a general uptick in the US dollar across global markets. Investors will be watching closely to see how the US-China trade relationship develops under the new Biden administration.
