Thursday, October 28, 2021

US trade chief Tai will unveil Biden’s China business strategy on Monday

Washington: US Trade Representative Catherine Tai will unveil the Biden administration’s long-awaited strategy for troubled US-China trade relations in a speech at a Washington think tank on Monday, her office said.

USTR said in a statement on Thursday that Tai will comment on a review of China’s trade policy and participate in a question-and-answer session at the Center for Strategic Studies in Washington.

Since taking office in March, Tai has been conducting a top-down review of Washington’s China trade policy.

US Joe Biden has imposed tariffs on hundreds of billions of dollars worth of Chinese imports imposed by former President Donald Trump, but his administration has so far disclosed little about how it addresses China’s non-market trade and subsidy practices. Will do

Tai’s remarks on Monday at 10 a.m. EDT (1400 GMT) will mark the start of the final three months of “Phase 1,” the US-China trade deal struck that Trump sought in early 2019 to ease a tariff war with Beijing. made. The world’s two largest economies. It called on China to increase purchases of US farm and manufactured goods, energy and services by $200 billion over two years to the end of 2021, compared to 2017 levels.

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Containers are seen at the Yangshan deep-water port in Shanghai, China, on October 19, 2020. (Ellie Song/Reuters)

Officials in the Biden administration say China has not met its commitments in the Phase I trade deal and intends to stick to its international trade commitments.

Chad Bown, a senior fellow at the Peterson Institute for International Economics in Washington, estimates that China’s purchases of US exports during August are running at about 62 percent of the Phase 1 target, based on US export data.

Tensions between the two economic powers have also increased as the United States restricts Chinese companies’ access to US sensitive technologies.

Tai has said the United States faces “huge challenges” in its trade relationship with China, which requires engagement in the Biden administration. He has asked Congress for new trade law tools to counter massive Chinese state subsidies for high-technology sectors.

The Biden administration has sought to rally US allies to join Washington in confronting abusive trade policies by Beijing. US and EU officials met in Pittsburgh on Wednesday to deepen transatlantic cooperation on technology regulation, protect sensitive technologies, and address challenges posed by “non-market economies” – a reference to China.

by David Lauder

Reuters

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This News Originally From – The Epoch Times

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