China stocks, yuan cautiously firm after Trump delays tariffs
Trump returned to the White House on Monday with an ambitious agenda spanning trade reform, immigration, tax cuts and deregulation. He did not target China in his inauguration speech nor did he immediately impose tariffs as previously promised, sparking a relief rally in global stocks and a drop in the dollar.
At the same time, Trump directed federal agencies to «investigate and remedy» persistent U.S. trade deficits and unfair trade practices by other countries, and said he might impose 25% tariffs on imports from Canada and Mexico on Feb. 1.
Trump also signed an executive order delaying the enforcement of a ban on popular short-video app TikTok, but said he might impose tariffs on China if Beijing does not approve a potential U.S. deal with TikTok.
China's blue-chip CSI300 Index climbed about 0.8% at the open, but was soon trading flat. The yuan was about 0.3% higher against a broadly weaker dollar.
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