The office of the US trade representative (USTR) yesterday announced the initial steps it will take to realign US trade policies towards China around its priorities. It will first discuss with China its performance under the Phase One Agreement, and while pursuing its enforcement, it will restart targeted tariff exclusions process to mitigate the effects of certain Section 301 tariffs that raised costs on Americans.
It will also continue to have serious concerns with Chinese policies that were not addressed in the Phase One deal, specifically related to its state-centered and non-market trade practices, including Beijing’s non-market policies and practices that distort competition by propping up state-owned enterprises, limiting market access, and other coercive and predatory practices in trade and technology, USTR said in a press release.
China made commitments that do benefit certain US industries, including agriculture, which the United States must enforce, the press release said.
The office of the US trade representative has announced its initial steps to re-align trade policies towards China around its priorities. It will first discuss with China its performance under the Phase One Agreement, and while pursuing its enforcement, it will restart targeted tariff exclusions process to mitigate the effects of certain Section 301 tariffs.
“We welcome competition with the People’s Republic of China (PRC). We have also been clear that competition needs to be fair and managed responsibly. Our objective is to create a level playing field for American workers, farmers, and businesses,” it said.
“President Biden and his administration are clear-eyed that Beijing is resistant to making meaningful reforms to address concerns shared by the US and many other countries about the distortions to the global market from its state-centered economic system,” it said.
While making significant progress on those two fronts, the Biden administration undertook a comprehensive, thoughtful USTR-led, whole-of-government review of the bilateral trade relationship.
“The previous administration’s unilateral approach alienated our allies and partners and hurt select sectors of the American economy. We want to bring deliberative, long-term thinking to our approach. Our objective is not to escalate trade tensions with China or double down on the previous Administration’s flawed strategy,” it added.
Fibre2Fashion News Desk (DS)