ANI
20 Jan 2022, 15:33 GMT+10
Washington [US], January 20 (ANI): Despite calls from US businesses to relieve the duties, US President Joe Biden said that he's not ready to lift tariffs that have been imposed on Chinese imports, adding that his chief trade negotiator Katherine Tai is working on the issue.
US Trade Representative Katherine Tai is "working on that right now," said Biden on Wednesday marking his first year in office. But "the answer is uncertain," he added.
"I'd like to be able to be in a position where I could say they're meeting their commitments -- more than their commitments -- and be able to lift some of it, but we're not there yet," Biden told during a news conference at the White House.
President Biden was referring to China's commitments under a Phase 1 trade deal signed by his predecessor Donald Trump. US businesses have long complained about the detrimental effects of punitive US tariffs on Chinese goods imposed by the Trump administration and some even stressed the need for a more comprehensive strategy for dealing with China.
China has fallen far short of its pledge under the two-year Phase 1 trade agreement to buy USD 200 billion in additional US goods and services during 2020 and 2021, and it remains unclear how the shortfall will be addressed. This leads to questions over how the Biden administration will hold China to commitments that have not been met, as well as tariffs on hundreds of billions of dollars of Chinese imports.
Like the Trump administration, the current US administration has also called out Chinese leaders and even businesses over abuses in Hong Kong and against ethnic Muslims in the Xinjiang region.
Last year witnessed China receiving a smaller share of foreign investments compared to previous years, a trend that started with former US President Trump's trade war with China.
Although his successor, Joe Biden campaigned on a promise to end the trade war saying the steep tariffs on Chinese imports are hurting US consumers, farmers and manufacturers, his administration is now continuing to enforce the so-called "phase one agreement" made by China with the Trump administration in early 2020.
Phase One among other things commits China to purchase an additional USD 200 billion of not only US agriculture, but also manufacturing, energy, and services exports, by the end of 2021. As of now, China is estimated to have purchased only slightly more than 60 per cent of the goods it promised.
The phase one agreement also commits China to make progress on enforcing intellectual property rights, removing non-tariff barriers to farm imports, and liberalising its financial services sector.
The US-China trade war is not the only factor having an impact on investments in China. Perceived human rights violations in Xinjiang, the erosion of Hong Kong's autonomy, China's zero COVID strategy, supply chain challenges, and rising costs are resulting in many global companies leaving China's shores. (ANI)Get a daily dose of San Francisco Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Francisco Star.
More InformationWASHINGTON DC, - U.S. President Donald Trump has claimed a ceasefire has been reached between Israel and Iran. He made the claim on...
NEW YORK, New York - U.S. stocks made strong gains on Monday, brushing off concerns Donald Trump's surprise ambush of Iranian nuclear...
NEW YORK CITY, New York: The U.S. bombing of Iranian nuclear sites has cast a shadow over global markets, with investors bracing for...
OTTAWA, Canada: Canada may boost its counter-tariffs on steel and aluminum imported from the U.S. if a comprehensive trade agreement...
WASHINGTON, D.C.: The U.S. economy is performing reasonably well, but Federal Reserve Chair Jerome Powell faces a difficult decision...
WASHINGTON, DC - U.S. President Donald Trump how bowed to pro-Israel elements in his administration and Congress, announcing that the...
WASHINGTON DC, - U.S. President Donald Trump has claimed a ceasefire has been reached between Israel and Iran. He made the claim on...
DUBAI, U.A.E.: British Iranians living in the U.K. are taken aback when they try to reach their families in Tehran on the phone and...
BRASILIA, Brazil: Former Brazilian President Jair Bolsonaro is accused of playing a key role in an illegal surveillance operation orchestrated...
ANKARA, Turkey: A Turkish far-right politician went on trial Wednesday, facing charges of inciting public hatred—an episode critics...
LONDON, U.K.: In a landmark moment for Britain, lawmakers in the House of Commons have voted in favour of legalising assisted dying,...
Western support for Israel's right to strike Iran backs up a pattern of pre-emptive violence that critics say is further eroding international...