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Tai: the Biden Administration has no intention of raising trade tensions between the US and China and will adjust the tariff removal mechanism

 

U.S. Trade Representative Katherine Tai delivered a keynote speech Monday at the Center for Strategic and National Studies (CSIS) in Washington on “A new path for u.s.-china trade relations.”. She said that the Biden Administration has no intention of inflaming the current trade tensions between the United States and China, and that the United States will continue to discuss with China the implementation of the first phase of the trade agreement, and will use all tools to ensure the interests of the United States, and work with allies to develop 21st Century Fair trade rules to promote global economic and democratic competition.


The U.S. China trade relationship is the most important bilateral economic and trade relationship in the world, not only for both countries, but also for the global economy and one billion workers, she said. President Biden welcomes competition to support American workers, the American economy, and jobs at home, but must ensure that competition is fair.


“China’s non-compliance with global trade rules has long undermined prosperity in the United States and the rest of the world,”she stressed. In order to respond effectively to this challenge, we must explore all options in order to develop the most effective way forward. And the best way to protect American workers in the context of the u.s.-china trade relationship is to develop the domestic economy and create more domestic jobs, especially high-paying jobs.”
She then outlined four key elements of the Biden administration’s “New path for U.S.- China trade relations”. First, the United States will discuss with China the implementation of the first phase of the trade agreement to ensure that China delivers on its major commitments in areas such as agricultural procurement and continues to promote the confidence and interests of U.S. industry. Second, the United States will launch a targeted tariff elimination program and continue to open up the possibility of additional tariff elimination programs while ensuring that the existing enforcement structure is consistent with the maximum economic interests of the United States, the US side will continue to express grave concern over the “Non-market-oriented trade practices”that China has failed to resolve in the first phase of the trade agreement, including subsidies by state-owned enterprises and market access restrictions, the United States will continue to consult with its global allies and partners to work out global fair trade rules for the 21st century and promote healthy competition among market economies and democratic nations.
“The path we have taken in the U. S.-china trade relationship has not produced the desired results,” she concluded. And what I’ve outlined today, President Biden’s demands, will lead to a shared prosperity that benefits American workers, producers and businesses. This will not only benefit our allies, it will have a positive impact on the global economy.”

 
Time:2021/10/5 Click:93