U.S. will defend economic interests against China, USTR Tai says
[ad_1]
WASHINGTON – U.S. Trade Representative Katherine Tai slammed China’s unfair trade practices and vowed to protect U.S. economic interests in a speech Monday, adding that the Biden administration will rally allies in order to push back on the world’s second-largest economy.
Tai addressed a group at the Center for Strategic and International Studies in Washington, declaring that his objective was not to increase trade tensions between China and the United States.
Tai, the top trade official in the nation, said that, “But above all, we have to defend to the fullest our economic interests, and this means taking every step to protect ourselves from the waves of damage over the years by unfair competition.”
Tai confirmed her identity during Tai’s address CNBC report last week Biden claimed that Beijing had not adhered to the Phase One Trade Agreement.
According to the agreement, signed under former President Donald Trump in January 2020, Beijing committed to buying at least $200 Billion more U.S. goods & services in 2020 and 2021 than in 2017. But, the deal was not signed by President Donald Trump. U.S. export data compiled by the Peterson Institute for International EconomicsChina only has 62% of this target.
This agreement is set to expire in 2021.
In an interview with Kayla Tausche of CNBC, Tai said that she is looking forward to leading negotiations between the Chinese and the Biden administration.
Tai spoke out about China’s failures in the first phase deal. She added, “We won’t know how we can achieve until we try.”
Tai, Secretary of Commerce Gina Raimondo, and Secretary of State Antony Blinken met last week with European Union leaders at The inaugural meeting of the U.S.-EU Trade and Technology Council
The meeting of the TTC in Pittsburgh to discuss ways to deepen cooperation on trade and tech signals Western ambition to compete more effectively with China.
America’s effectiveness is greatest when we collaborate with our partners Raimondo told CNBCPrior to the U.S. – EU meeting. “If China is to be slowed down in innovation rates, it must work together with Europe.”
Tai stated in her Monday address that Tai and the Biden administration are committed to working closely with U.S. allies as well as like-minded partner “to foster truly fair international trade that encourages healthy competition.”
We must be ready to use all our tools, and to explore new possibilities through cooperation with other countries and economies. Tai also stated, “We must set a new course in order to shift the trajectory of our bilateral trading dynamic.”
[ad_2]