The US announced to increase pressure and challenge China on trade
In an interview with Reuters Recently, US Trade Representative Katherine Tai said that Washington is preparing a new approach to China’s trade policy. Without giving specifics, Ms. Katherine Tai said Washington needed new, more effective tools to protect its economic interests and better compete with China.
“We will not stop pushing China and challenging China to reform and change. But we cannot continue to fold our arms and wait for Beijing to make a decision.” said Mrs. Katherine Tai.
Reuters Citing sources, Washington is considering an investigation into Chinese industrial subsidies. Concluding this investigation could lead to a new round of tariffs or sanctions against Beijing.
This month, according to the Office of the US Trade Representative, China has “double down on the country’s harmful economic and commercial abuses”. Beijing has failed to purchase the full $200 billion in additional goods and services committed under the “phase one” trade deal with Washington.
Earlier this month, the administration of President Joe Biden criticized China for “distorting” global trade through its unfair economic practices. Accordingly, the Office of the US Trade Representative accused the Chinese government of supporting the country’s industries, as well as accusing Beijing of failing to ensure basic labor rights.
In addition, the administration of President Joe Biden also warned, China must not support Russian individuals and organizations to avoid economic sanctions of Washington.
In the recent move, the US also unexpectedly exempted from tariffs on 352 items imported from China. This move comes in the context of the US facing a wave of record high inflation. A host of businesses as well as congressmen from both Democrats and Republicans are pressuring the Biden administration to ease the burden of tariffs.
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