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Stock illustration: U.S. and China boxing match

U.S. President Joe Biden said he’ll review Trump-era tariffs imposed on imports from China amid growing calls from businesses to remove the levies, fueling a rally in the offshore yuan.

Biden said he’s considering removing some of the tariffs and would talk with Treasury Secretary Janet Yellen about it after returning to the U.S. from Asia. “We did not impose any of those tariffs—they were imposed by the last administration,” he said at a press conference in Tokyo Monday.

The offshore yuan jumped as much as 0.7 percent in reaction and reached the strongest level since May 5. That came after a 1.5 percent rise last week in response to easing lockdowns in Shanghai and stronger sentiment due to a reduction in a key lending interest rate on Friday by Chinese banks.

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