Trade

Katherine Tai- U.S. trade representative said her office and President Biden’s administration are conducting a comprehensive review of the U.S. – China trade policy. It has been seven months since Biden’s administration took office however yet to review the country’s trade policy with China. However, the U.S. is concerned about the unfair trade policies of China which put American business and workers on a disadvantageous side, according to a readout during a meeting between the U.S.-China Business Council and U.S. Chamber China Center Advisory Board. Earlier in June this year, Biden persuaded G7 nations to put on strong remarks on China. His administration is building on the trade war started by the Trump administration. The Trump administration employed tariffs and sanctions to address the unfair trade practices by Beijing. The Biden administration reportedly continued Trump’s position on China but also persuaded U.S. allies to exert more pressure on China. Vice President Kamala Harris in her recent visit to Singapore blasted China saying “Beijing’s actions continue to undermine the rules-based order and threaten the sovereignty of nations”. Her remarks followed that Washington will not ask any of its allies on choosing sides between the two superpowers. The Chinese state news agency Xinhua reported that Beijing presented the U.S. with two lists, one called “error” that Washington needs to undo and another list notes issues Beijing considered important. The Chinese Ministry of Commerce on the other hand said that both the countries are in “normal communication”. According to customs data, the U.S. incurred a trade deficit of $66,473 million as of the first quarter of 2021.