Monday, October 25, 2021

US trade chief unveils Biden’s China trade strategy and implements pledges of Trump-era deal

US Trade Representative Catherine Tai will deliver long-awaited remarks on Monday outlining the Biden administration’s trade strategy with China, with a senior administration official saying Tai would condemn Beijing’s unfair trade practices and support the Trump-era deal. Will discuss keeping this in mind for the commitments made under .

Tai is expected to speak at Washington think-tank Center for Strategic and International Studies (CSIS) at 10 a.m. ET, where he is expected to say Washington should implement the terms of the “Phase 1” trade deal. The official said Beijing struck a chord with President Donald Trump.

One of the ways Trump addressed Beijing’s hostile trade policies and narrowed the US-China trade deficit, which he had been deeply critical of, was to buy $200 billion more in 2020 US goods and services by Beijing. was negotiating a deal built around a pledge for and 2021.

According to the Peterson Institute for International Economics (PIIE), a non-partisan research organization that tracks the status of China’s purchases from the United States relative to its commitments, Beijing is far behind on this pledge.

According to PIIE, for 2020, China’s total import shortfall was $73.2 billion, or 58 percent of the target, while by August 2021, Beijing was on track to eliminate more than 30 percent of its purchase commitment for the year.

The senior administration official said it is clear that the current state of US-China trade relations does not meet the needs of American workers and in his speech, Tai will highlight how “China’s unfair trade practices have affected our workers.” hurting and giving our industries and Beijing an unfair advantage in the global trading system.”

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The senior administration official said Tai will focus on how Chinese leaders have failed to reform their non-market policies and have not lived up to their various commitments over the past 15 years of talks with the United States.

Thai
U.S. Trade Representative Catherine Tai testifies before the Senate Finance Committee on Capitol Hill on May 12, 2021 in Washington. (Pete Marovich/Pool via Reuters)

While Tai said Washington is not seeking to escalate trade tensions with Beijing, the Biden administration does not agree that Chinese leaders will change their trading practices and that the United States will seek to “ensure bilateral trade ties”. fully devices”. American employees, our industry and our supply chain. “

The United States will focus on “Phase 1” engagement and will not pursue “Phase 2” talks with China on deeper structural issues such as heavy subsidies to critical industries skewing global markets, as Beijing is “in its authoritarian state-focused”. Doubling down on the approach”, the official said.

Tai’s much-anticipated speech follows Washington’s top-to-bottom review of China’s trade policy.

While President Joe Biden has imposed tariffs on hundreds of billions of dollars worth of Chinese imports imposed by Trump, his administration has so far disclosed little about how it aims to address unfair and non-market trade practices by Beijing. .

tom ozimeko

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Tom Ozimek has an extensive background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he’s heard from Roy Peter Clark: ‘Hit your goal’ and ‘Leave the best for last.’

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This News Originally From – The Epoch Times

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