Yellen, the former chairman of the Federal Reserve who was nominated by President Joe Biden for Treasury secretary, said Thursday (21) that the Biden Administration would not immediately lift tariffs on Chinese goods, but would review whether China had fulfilled the first phase of the trade agreement, and would step up cooperation with allies to confront China’s unfair economic practices.
Yellen attended the Senate confirmation hearings earlier and replied in writing to senators’ questions on the same day. She mentioned that the new administration would not make any changes before reviewing the first phase of trade agreements signed by the Trump administration and China, as well as consulting with allies; and that the Biden administration would use various tools to respond to China’s economic abuses and hold each other accountable. Asked whether Washington has reached a trade agreement with Taiwan, Yellen said for the Time being will not sign a new free trade agreement, Biden’s priority is to create jobs and increase investment in infrastructure.
For the new administration’s tax reform policy, Yellen revealed that the authorities will increase corporate taxes while making massive investments to benefit U.S. businesses. She also vowed that the authorities will definitely fight terrorism finance, review all overseas investments, as well as the previous administration’s sanctions against Iran, North Korea, China and Russia and other companies are targeted and effective, stressing that China will not be allowed to violate the U.S. sanctions.
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