President-elect Joe Biden might keep President Trump’s tariffs imposed on Chinese exports for the first few months of his administration.
Biden said he planned to review the deal signed between Trump and China almost one year ago that requires it to buy an additional $200 billion of U.S. goods over two years. China has failed to uphold its end of the bargain.
“I’m not going to make any immediate moves, and the same applies to the tariffs,” Biden told the New York Times. “I’m not going to prejudice my options.”
While running for president in 2016, Trump frequently spoke on forging “fair” trade deals between the United States and other countries, which included China. In January, China agreed to a partial trade deal in which the U.S. would place a 25% tariff on approximately half of Chinese products. Biden said that he planned to review that deal with allies in Asia and Europe “so we can develop a coherent strategy.”
“The best China strategy, I think, is one which gets every one of our, or at least what used to be our, allies on the same page. It’s going to be a major priority for me in the opening weeks of my presidency to try to get us back on the same page with our allies,” Biden said.
He added that his strategy is to “produce progress on China’s abusive practices,” which he said included stealing U.S. intellectual property and providing “illegal subsidies to corporations.”
The president-elect argued that the U.S. needs to have “leverage” in negotiations with China by having the government invest in research, infrastructure, and education.
“I want to make sure we’re going to fight like hell by investing in America first,” Biden said, echoing a key message of Trump’s 2016 platform. “I’m not going to enter any new trade agreement with anybody until we have made major investments here at home and in our workers.”
View original Post