May 26, 2022

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The United States is not currently seeking a new trade deal with China |  Economie

The United States is not currently seeking a new trade deal with China | Economie

The Biden administration is not currently seeking a second phase of a bilateral trade deal with China. US Trade Representative Catherine Taye said this in the Senate.

Former US President Donald Trump signed a phase one trade deal with Chinese Vice Premier Liu He in early 2020. Then both countries concluded some kind of armistice that at least prevented new or higher taxes. Key to that deal was China’s pledge to purchase an additional $200 billion of goods in the United States by the end of this year.

This first agreement should be followed by a second agreement, with agreements on more sensitive issues such as intellectual property protection.

In the Senate, Taye said the Biden administration wants Beijing to honor its Phase One commitments. “We are not necessarily aiming for an agreement in the next stage,” she added.

Both countries have been embroiled in a trade dispute for more than three years, with reciprocal punitive tariffs imposed. In particular, Americans accuse China of unfair trade practices, unauthorized government aid, market barriers, and intellectual property theft.

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