US announces new trade policy with China
US Trade Representative Katherine Tai announced the Biden administration's trade policy toward China on October 4.
In a speech at the Center for Strategic and International Studies (CSIS), US Trade Representative Katherine Tai emphasized that the US-China economic and trade relationship is one of far-reaching consequences and that this is a complex and competitive bilateral relationship. Ms. Katherine Tai said that China's failure to comply with global trade norms has affected the prosperity of the American people and people around the world.
Ms. Katherine Tai also outlined the Biden administration's strategic vision in adjusting trade policy toward China to protect the interests of American workers, businesses, farmers and manufacturers as well as strengthen the middle class in the US.
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Katherine Tai said: “First, we will discuss with China how they implement phase one of the US-China trade deal. China has made a number of commitments that benefit a number of US industries, including agriculture, and we need to ensure that China fulfills those commitments.
Second, we will begin a process of product-specific exemptions. We will ensure that the enforcement mechanism in place best serves the interests of the United States. We will leave the door open to additional exemptions if necessary.
Third, we remain particularly concerned about China's state-controlled and non-market trade practices, issues that were not addressed in phase one.
Finally, and very importantly, we will continue to work with allies to shape the rules for fair trade in the 21st century and facilitate the race to the top for democracies and market economies.”./.