IDPH — The Biden administration will approach economic and trade relations with China with “strategic patience.” The administration is starting to review current policies, including reviewing tariffs, but that doesn’t mean Biden favors removing tariffs. White House Press Secretary Jen Psaki said early this week the President “will take a multilateral approach to engaging with China, and that includes evaluating the tariffs currently in place,” adding, “the President is committed to stopping China’s economic abuses on many fronts.”
The Phase One trade agreement between the U.S. and China has increased China’s purchases of U.S. farm commodities. However, the purchases are still not on target to reach levels pledged in the agreement. China is expected to continue the increased purchases in 2021.
A China Foreign Affairs Ministry Spokesperson responded, “We hope the new U.S. administration will learn from the Trump administration’s lessons where they carried out the wrong policies on China.”
Story courtesy of the Iowa Agribusiness Radio Network
Image source: Wikimedia Commons
