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(Reuters) - Sino-U.S. ties will stay tense as U.S. President Joe Biden is unlikely to rush into new deals with the world’s second largest economy or reduce tariffs on China, even if he is willing to re-engage with multilateral trade, economists and strategists said.
U.S. President Joe Biden salutes while boarding Air Force One as he departs for Washington from Newcastle, Delaware, U.S., February 8, 2021. REUTERS/Joshua Roberts
Following former president Donald Trump’s “America First” stance, the Biden administration has a “Buy American” policy for federal procurement.
That means continued tensions, Rashmi Banga, senior economist at the United Nations Conference on Trade and Development, told the Reuters Global Market Forum.
Sino-US ties will stay tense as US President Joe Biden is unlikely to rush into new deals with the world s second largest economy or reduce tariffs on China, even if he is willing to re-engage with multilateral trade, economists and strategists said. Following former president Donald Trump s America First stance, the Biden administration has a Buy American policy for federal procurement. That means continued tensions, Rashmi Banga, senior economist at the United Nations Conference on Trade and Development, told the Reuters Global Market Forum. She predicted the United States would not change its policies in the ongoing tech rivalry with China, which has a large global footprint in digital technology and services.
Wall Street extends losing streak as rally evaporates
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Wall Street extends losing streak as rally evaporates
By Ambar Warrick and Shreyashi Sanyal
Updated
4.19am
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Stocks closed mostly lower on Wall Street on Monday (US time) after an early rally faded, extending the market s recent pullback from record highs.
The S&P 500 fell 0.4 per cent after having been up 0.9 per cent in the early going. The reversal handed the benchmark index its fourth straight decline, something that hasn t happened since September. Losses in the financial, industrial and health care sectors accounted for much of the decline, outweighing gains by technology stocks and companies that rely on consumer spending. Treasury yields were mostly higher, a sign of optimism in the economy.