US reviews trade policy with China, USTR says Katherine Tai

0

Flags of the United States and China are displayed at the American International Chamber of Commerce (AICC) booth during the China International Services Trade Fair in Beijing, China on May 28, 2019.

Jason Lee | Reuters

BEIJING – Seven months after US President Joe Biden took office, his administration has yet to establish a trade policy with China.

US Trade Representative Katherine Tai said on Tuesday that “the Biden-Harris administration and USTR are conducting a comprehensive review of US-China trade policy,” according to a reading from a virtual meeting with two trade associations , the advisory board of the US Chamber China Center, and the US-China Business Council.

She recognized the importance of the US-China trade relationship and said the US remains committed to “tackling China’s unfair trade policies and non-trade practices that undermine businesses and businesses. American workers, ”the text reads.

Michael Hirson, practice manager for China and Northeast Asia at consultancy firm Eurasia Group, pointed out that Biden had succeeded in persuading the main G-7 countries to make strong statements against China. .

However, Biden has “yet to formulate a business strategy or other approach that would be truly effective in countering China’s economic strength,” Hirson said.

Trade tensions between the world’s two largest economies escalated under former President Donald Trump. A dispute that started with tariffs on billions of dollars in goods on both sides has since spilled over into technology and finance.

U.S. and other foreign companies have long complained about unequal access to the Chinese market, lack of intellectual property protection, and forced technology transfer.

Learn more about China from CNBC Pro

China’s Commerce Ministry said last week that the two countries remain in “normal communication” regarding the trade, according to a CNBC translation.

Trade between the United States and China has increased despite political tensions.

China’s exports to the United States in the first seven months of the year increased 36.9% compared to the same period in 2020, while imports increased 50.4% year-on-year from January to July, according to customs data accessible via Wind Information.

China’s trade surplus with the United States rose further in July to $ 35.42 billion, despite Trump’s efforts to reduce that surplus.


Source link

Share.

About Author

Leave A Reply