17:09
Traffic jam:   4
$
92.2628
99.7057

Biden will not abolish duties on China

3 December 2020
2942
2 min.
6
Biden will not abolish duties on China

America and Chinese goods

Joe Biden does not plan to waive the current $200 billion increase in duties on Chinese goods in the near future. The newly elected US President intends to review the Phase 1 trade agreement and develop a consistent strategy, involving allied countries.

President-elect Joe Biden has announced what he plans to do in the first weeks of his presidency in the area of trade and economic relations with China, a country with the second largest economy in the world and the largest partner of the United States.

Joe Biden said in his interview: "I am not going to take any immediate steps, and the same applies to duties. I am not going to limit my options".

Biden said he first intends to undertake a full review of the existing agreement with China and consult with allied countries in Asia and Europe to develop a coherent strategy.

At the beginning of 2020, the US and China signed the first phase of a trade deal that involves large Chinese purchases of US goods ($200 billion until 2021) in exchange for a reduction in US duties on Chinese goods.

The US Presidential Administration, Donald Trump, has blacklisted some Chinese companies as a threat to national security, making it difficult for future negotiations on a broader agreement with China, according to some experts.

At the same time, in an interview with Times, Biden said that it is better to compete with China not just to complain about its practices. Biden believes large-scale public investments are needed in industries such as energy, biotechnology, modern materials and artificial intelligence.

Trump has also refused US participation in a major Trans-Pacific Partnership trade agreement between the Obama administration and 11 other countries. However, the US withdrawal was never ratified by Congress.

On 15 November this year, China signed the world's largest trade agreement with 14 countries in the Asia-Pacific region called the Comprehensive Regional Economic Partnership (RCEP), which does not include the US.

Vice Chairman of IHS Markit Daniel Yergin said: "The United States and China are losing out because they are still fighting for power, instead of interacting and cooperating with each other".

Persons4 and Companies2 in the news

Vice chairman of IHS Markit
1 place
44th President of the United States
2 place
46th President of the United States
3 place
45th President of the United States
4 place
The Times
1 place
IHS Markit
2 place
Section:

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8112898663
Died this year
14435637
Born this year
35514222