The Australian dollar (AUD) remained weak against the US dollar (USD) on Wednesday (1/22). The AUD/USD pair faced headwinds as US President Donald Trump announced that his administration is considering imposing a 10% tariff on Chinese imports starting February 1. The move is reportedly related to concerns over fentanyl shipments from China to Mexico and Canada, according to Reuters.
Trump said earlier, "If we make a TikTok deal and China doesn't agree to it, we could probably put tariffs on China." The comments followed the signing of an executive order that delayed the TikTok ban for 75 days. Given the close trade ties between China and Australia, any developments affecting the Chinese economy could significantly impact the Australian market.
Chinese Vice Premier Ding Xuexiang issued a warning on Tuesday about the impact of a trade war, stressing that there are "no winners" in the conflict as China faces possible tariffs under the newly elected Donald Trump administration, according to CNBC.
The S&P/ASX 200 index rose to around 8,450 on Wednesday, marking its highest level in almost seven weeks. The rally was supported by an upbeat outlook from Wall Street, boosted by US President Donald Trump's decision to delay the implementation of threatened tariffs, which provided relief to global markets. (AL)
Source: FXstreet
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