U.S. Trade Representative Katherine Tai said today that Washington is closely reviewing the Trump administration’s trade agreements with the Chinese Communist Party to ensure that Beijing is honoring the treaties.
Tai Qi. (Reuters file photo)
Dyche said, “With respect to the procurement commitments that the Chinese Communist Party made in the U.S.-China trade agreement, we are reviewing their performance and also taking a full look at the parts that they have completed.”
In testimony before a U.S. Senate subcommittee, she was asked many questions about relations with the Chinese Communist Party and said the Biden administration is looking at “options” for implementing the trade agreement.
The so-called “first phase” of the U.S. trade deal, signed in January 2020, commits Beijing to purchase an additional $200 billion in U.S. products and services between 2020 and 2021.
Our priority will be to “review the performance of the Chinese Communist Party in delivering on its commitments,” said Dyche.
According to Chad Bown, an economist at the Peterson Institute for International Economics, as of the first quarter of this year, the Chinese Communist Party was still nearly 40 percent off the mark.
The U.S.-China trade deal aims to end a two-year trade war that lasted under former President Trump, but the U.S. still imposes tariffs on a wide range of Chinese products and industrial parts worth $250 billion, and the Communist Party still imposes taxes on some U.S. imports.