U.S. Trade Representative Katherine Tai will reveal the Biden administration’s long-awaited strategy for moving forward with the U.S.-China trade relationship. Tai will discuss the troubled relationship during a speech at a Washington D.C. think tank. Since she first took office in March, Tai has been working through a complete review of Washington’s trade policy with China. Tariffs on hundreds of billions of dollars worth of Chinese goods were implemented by the Trump administration and kept in place by Biden.
However, Reuters says the administration hasn’t talked a lot about how it will deal with what it calls “China’s non-market trade and subsidy practices.” Monday is the beginning of the final three months of the Phase One trade deal that China reached with the Trump administration early in 2019. That agreement eased a tariff war between the two biggest economies in the world. Administration officials say China hasn’t met its Phase One commitments, and they intend to hold the Asian nation to its international trade commitments.
Trade industry experts estimate that China’s purchases of U.S. exports through August are running at about 62% of the Phase One targets. Tai has asked Congress for new trade laws to counteract Chinese subsidies for high-technology sectors.
If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail [email protected]