American business groups are Demanding The administration of President Joe Biden has clarified its exact position on China’s trade policy. Specifically, they want to know whether he will do something new, or align with former President Donald Trump’s approach to confrontation.
The government has remained silent on the outline of its trade-related China strategy. Seven months after taking office, it continues to insist that it is reviewing the current US-China trade relationship, but now companies are increasingly tired of what they think is a slow process. For weeks, companies have been urging Congress, Biden’s Treasury Department and the Office of the Trade Representative to take some action so that they can determine their strategy for dealing with the world’s second largest economy.
The news from management is mixed and chaotic.in a interview In July, Treasury Secretary Janet Yellen admitted that the Trump administration’s trade war with China had harmed U.S. exports, while criticizing Beijing’s subsidy policy as equally harmful. On the other hand, U.S. Trade Representative Katherine Tai (Katherine Tai) stated that Trump’s tariffs provide Washington with “Legal tool“To fight back against China. On Wednesday, the White House Press Secretary Jean Psaki Said that there is no timetable to determine when the government’s review of China’s trade policy will end.
In addition to mixed information, Biden’s actions in trade with China so far provide a reason to see it as a continuation of Trump. So far, the government has sanctioned more Chinese officials for infringements in Xinjiang and Hong Kong, and added more names to the list of companies prohibited from investing in US companies.
Trump is known for criticizing China for “predating” the United States in trade, and promised to reduce the trade imbalance between the two countries. Biden criticized Trump’s treatment of China, but at the same time made competition with China a core part of his foreign policy agenda.
Many business leaders interviewed by The New York Times advocated that Biden restart the deadlocked trade talks with China, or at least restore certain exceptions to trade restrictions. They complained that in the absence of clarity, the United States will be at a disadvantage in the competition with its peers because of how tariffs will increase costs for American importers.
Although trade with China has been affected by tariffs and the global economic slowdown caused by the COVID-19 pandemic, it has not stalled.Recently released U.S. Department of Commerce Statistics show that the much-maligned merchandise trade deficit with China further increased to US$186 billion in July.
