U.S. Trade Chief to Unveil Biden’s China Business Strategy
WASHINGTON (REUTERS) – U.S. Trade Representative Katherine Tai will unveil the Biden administration’s long-awaited strategy for the troubled U.S.-China trade relationship in a speech on Monday, October 4 to a think tank in Washington, his office announced.
Tai will speak on his review of China’s trade policy at the Center for Strategic Studies in Washington and participate in a question-and-answer session, USTR said in a statement on Thursday.
Since taking office in March, Tai has conducted a top-down review of Washington’s trade policy in China.
US President Joe Biden has kept tariffs in place on hundreds of billions of dollars in Chinese imports imposed by former President Donald Trump, but his administration has so far revealed little about how which she would address what she calls Chinese trade and non-market subsidy practices.
Tai’s remarks on Monday at 10:00 a.m. EDT (2:00 p.m. GMT) will mark the start of the final three months of “Phase 1” of the US-China trade deal that Trump struck with Beijing in early 2019, easing a tariff war between the world’s two largest economies.
He called on China to increase its purchases of US agricultural and manufactured goods, energy and services by US $ 200 billion (S $ 272 billion) in the two years to the end of 2021 compared to 2017 levels.
Officials in the Biden administration have said that China has failed to live up to its commitments in the Phase 1 trade deal and that they intend to honor its international trade commitments.
Chad Bown, a senior researcher at the Peterson Institute for International Economics in Washington, estimates that China’s purchases of U.S. exports through August represent about 62 percent of Phase 1 targets, based on U.S. export data.
Tensions between the two economic powers also increased as the United States restricted Chinese companies’ access to sensitive American technologies.
Tai said the United States faces “very great challenges” in its trade relationship with China that require commitment from the entire Biden administration. She called on Congress for new trade law tools to counter massive Chinese state subsidies to high-tech sectors.
The Biden administration has sought to rally U.S. allies in Washington to deal with what it says are Beijing’s abusive trade policies. Officials from the United States and the European Union met in Pittsburgh on Wednesday to deepen transatlantic cooperation on technology regulation, protect sensitive technologies and address challenges posed by “marketless economies” – a reference to China .