FINANCE

USTR Catherine therefore pledged to implement the first phase agreement


U.S. Trade Representative Katherine therefore testified before the Senate Finance Committee on Capitol Hill in Washington DC, May 12, 2021.

Pete Marovich | AFP | Getty Images

US Trade Representative Catherine So told her press office on Monday that Washington must implement the first round of US-China trade agreements and raise broader policy concerns with Beijing.

“Today, I will highlight the beginning of our administration’s strategic approach to restructuring our trade policies toward China in order to protect the interests of American workers, businesses, farmers, and producers, and to strengthen our middle class.” Center for Strategic and International Studies.

“China has promised to benefit some American industries, including agriculture, which we must implement,” he said.

CNBC reported last week that the top trade adviser would announce that Beijing had not complied with the Phase One agreement reached under the administration of former President Donald Trump.

The Biden administration will therefore give a speech on Monday outlining the China trade strategy. He will speak at 10 a.m. at the Washington Think Tank, Center for Strategic and International Studies.

According to the prepared remarks, so to speak, the United States has “serious concerns” about China’s “state-centered and non-market trade practices” which were not resolved in the first round of the agreement.

“As we work to implement the terms of the first round, we will raise these broad policy concerns with Beijing,” he said.

First stage agreement

In the trade agreement signed in January 2020, Beijing promised to buy at least িয়ন 200 billion more US goods and services between 2020 and 2021, compared to 2017-2017. .

As of August, China had reached only 2% of that target, according to US export data compiled by the think tank Peterson Institute for International Economics.

A senior administration official told reporters that US President Joe Biden believed the first-stage agreement “did not address our fundamental concerns in a meaningful way with China’s trade practices.”

“Unlike his predecessor, President Biden is going to reckon with China where China is backtracking on its promises,” an official said during a background call.

The US Trade Representative said on Monday: “We will use the full range of equipment we have and make new equipment as needed. Protect America’s economic interests from harmful policies and practices. “

He is expected to announce a targeted tariff waiver process for companies to avoid punitive tariffs and is expected to hold “open talks” with Chinese counterparts in the coming days.

U.S. officials said during a background call that the first round of talks would be reconsidered and that Washington would not try to negotiate a second round.

“We acknowledge that China simply cannot change, and we need to have a strategy that treats China the way it does, not the way we want it to.”



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