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Sunday, October 17, 2021

The US trade chief will therefore unveil Biden’s China trade strategy on Monday

WASHINGTON – U.S. Trade Representative Katherine So will outline the Biden administration’s long-awaited U.S.-China trade relationship strategy in a speech to a think tank in Washington on Monday.

The USTR said in a statement on Thursday that it would comment on its review of China’s trade policy at the Center for Strategic Studies in Washington and attend a question-and-answer session.

Since taking office in March, Washington has been reviewing China’s trade policy from top to bottom.

US Joe Biden has maintained tariffs on hundreds of billions of dollars worth of Chinese imports imposed by former President Donald Trump, but his administration has so far revealed little about how it will deal with what it calls China’s non-market trade and subsidy practices.

Tai’s remarks at 10 a.m. EDT (10,000 GMT) on Monday marked the beginning of the last three months of the “Phase 1” US-China trade deal that Trump struck with Beijing in early 2011 and eased the tariff war. The two largest economies in the world. It called on China to increase its purchases of U.S. farms and manufactured goods, energy and services by বছরের 200 billion in two years by the end of 2021, compared to 2017.

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On October 1, 2020, a container was found at the Yangshan Deep-Water Port in Shanghai, China. (Ally Song / Reuters)

Biden administration officials say China has not fulfilled its first-stage trade agreement promise and they want to keep it with its international trade promises.

Chad Bowen, a senior fellow at the Peterson Institute for International Economics in Washington, estimates that China’s U.S. export purchases through August are about 62 percent of the first-quarter target, based on U.S. export data.

Tensions between the two economic powers have also escalated as the United States has restricted Chinese companies access to U.S. sensitive technology.

That said, the United States has faced “many major challenges” in its trade relations with China that require involvement throughout the Biden administration. He asked Congress for new trade law tools to counter massive Chinese state subsidies in the high-tech sector.

The Biden administration has called on US allies to join Washington in what they say is an abusive trade policy by Beijing. Officials from the United States and the European Union met in Pittsburgh on Wednesday to deepen transatlantic cooperation in technology regulation, protect sensitive technology and address the challenges, citing the “non-market economy” – China.

By David Lauder




This News Originally From – The Epoch Times

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