Tue. May 24th, 2022

US leader says China is not fulfilling obligations under a Phase 1 trade agreement signed by its predecessor Donald Trump.

U.S. President Joe Biden said Wednesday it is too early to make commitments to lift U.S. tariffs on Chinese goods, but its chief negotiator Katherine Tai is working on the issue.

“I would like to be in a position where I can say that they are fulfilling their obligations, or more of their obligations, and can lift some of them, but we are not there yet,” Biden said, referring to China’s obligations. under a Phase 1 trading transaction signed by his predecessor Donald Trump.

China has fallen far short of its two-year trade deal to buy $ 200 billion worth of additional US goods and services by the end of 2021, and it remains unclear how the shortfall will be addressed.

Chinese purchases reached only about 60 percent of the target by November 2021, according to data compiled by the Peterson Institute for International Economics. The U.S. Census Bureau is expected to release December data next week.

Biden said he was aware that some business groups were begging him to start settling US tariffs of up to 25 percent that Trump imposed on hundreds of billions of dollars’ worth of Chinese imports, which is why Tai has been working on the issue.

But he said it was too soon to move forward, given China’s failure to boost its purchases.

China said last week it hoped the United States could create conditions for expanding trade cooperation.

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