Some of the most influential business groups in America want the White House to restart trade talks with China. According to the New York Times the groups also want tariffs cut on goods imported from China. Those duties have been in place since the beginning of a trade war between the two nations. The groups represent diverse business interests, including potato farmers, microchip companies, and pharmaceuticals.
In a letter to the Biden administration, they’re asking the president to work with the Chinese government to make sure it carries out commitments made in the Phase One Trade Agreement that China signed with the Trump Administration. The letter was addressed to the Treasury Department and the U.S. Trade Representative, and it comes as the relationship between the two largest economies in the world remains contentious. The administration is more than seven months into a review of the Phase One Trade Deal, as well as other national security measures put into place by the Trump Administration.
Officials haven’t yet announced the results of the review. The January 2020 agreement between the U.S. and China kept U.S. tariffs on $360 billion worth of Chinese imports in place. Some provisions of the deal expire at the end of this year, but much of the agreement will stay in effect.
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