US trade representative says Trump deal hurt ‘select sectors of US economy’
US Trade Representative Catherine Tai on Monday laid out her vision for trade relations between the world’s two biggest economic powers, acknowledging that there is a zero-sum dynamic where China’s economic prosperity comes at the expense of workers and economic opportunities in the US. Is.
“We need to take a new holistic and pragmatic approach to our relationship,” Tai said during discussions with Bill Rensch, senior advisor and scholl chair in international business at the Center for Strategic and International Studies.
Biden calls Senate goop ‘hypocritical, dangerous and abusive’ amid debt-limit battle
He said Trump’s trade deal is the “starting point” for negotiations and that the administration will “have to figure out where the relationship goes from the starting point.”
Tai said the China phase would be held for commitments made as part of a trade deal that benefits some industries, but the administration plans to roll back some of the tariffs that haven’t given a strategic advantage and Americans But the cost has increased.
The administration also plans to address state-focused and non-market trade practices that include promoting state-owned enterprises and theft of US intellectual property.
The plan involves working with US allies and partners rather than adopting the one-sided approach preferred by the Trump administration. Tai’s office says the Trump administration’s one-sided approach “isolated our allies and partners and hurt select sectors of the US economy.”
Tai has spoken to his Chinese counterpart Liu He once since his appointment, but did not discuss whether China intended to terminate the agreement.
China is still lagging behind on commitments made as part of the historic trade deal signed in January 2020.
Beijing agreed to buy an additional $200 billion of US products over the next two years, including promises to prevent intellectual property theft, avoid currency manipulation, and cooperate in financial services.
However, a recent assessment of the dealConducted by the Peterson Institute for International Economics, found that Beijing is far behind on its commitments.
Get Granthshala Business on the go by clicking here
Chinese import data shows the country has bought goods worth US$89.4 billion since the start of the deal, or 69% of the $129.9 billion target for August. Beijing has committed to import goods worth $207.4 billion through this year.
Using US trade data, China is even more behind on its commitment. Export data shows that goods worth $70.6 billion, or 62% of the target of $113 billion, have been shipped to China as of August. The deal calls for the US to export goods worth $193.3 billion by the end of 2021.