IARN — The Biden administration on Monday announced the completion of a months-long review of the country’s relationship with China.
Reports say the administration took a deliberate, long-term look at the current relationship with China as well as the Phase One Trade Agreement. U.S. Trade Representative Katherine Tai on Monday announced four steps the Biden administration will take to realign America’s trade policies towards China.
“First, we will discuss with China its performance under the Phase One agreement,” said Tai. “China made commitments that benefit certain American industries – including agriculture – that we must enforce. Second, we will start a targeted tariff exclusion process. We will ensure that the existing enforcement structure optimally serves our economic interests. We will keep open the potential for additional exclusion processes as warranted. Third, we continue to have serious concerns with China’s state-centered and non-market trade practices that were not addressed in the Phase One Trade Deal. As we work to enforce the terms of Phase One, we will raise these broader policy concerns with Beijing, and we will use the full range of tools we have – and develop new tools as needed – to defend American economic interests from harmful policies and practices.”
Tai said the final step is consulting and coordinating with allies and partners who share American interests in ensuring the terms of global competition are fair, work collectively to set rules for trade and technology in the 21st century, and strengthen the global market for America’s workers and businesses.
The Phase One Trade Agreement was brokered under former President Donald Trump and signed in January of 2020. The deal expires at the end of 2021, and reports say China has only reached 62% of its purchase agreement.
