U.S. Treasury Secretary Janet Yellen said in an interview Feb. 18 that the United States will maintain the trade tariffs imposed on Chinese goods during the Trump administration. But she also noted that after an in-depth review of the tariffs, a decision will be made on whether they stay or go.
Yellen told Consumer News & Business Channel (CNBC), “For now, we’ve maintained the tariff levels set by the Trump Administration …… and we will evaluate the tariffs that we think are appropriate.” When asked if the tariffs were working, Yellen said replied, “We’ll see.” In response to questions about the Biden administration’s trade policy with China, the White House said in January that it would review all national security measures implemented during the Trump presidency, including the “Phase I” trade agreement with Beijing.
The agreement eased tensions between the U.S. and China over economic and trade disputes ahead of a global pandemic of the new crown Epidemic. Under the first phase of the trade agreement, signed in January 2020, China pledged to buy $200 billion in U.S. goods and services over the next two years, but recent studies show that Beijing’s actual purchases are 42 percent below the purchase target it set last year.
In response to the China Policy issue, Biden has repeatedly stressed that he will repair relations with U.S. allies and work together to address the challenges posed by China. He warned this week that Beijing authorities will pay the price for human rights violations. In the interview, Yellen said, “We are assessing our approach to China, but on a range of issues, we see unfair practices.” She was referring to some of Beijing’s unfair practices on trade, including mandatory technology transfers, and financial subsidies.
Yellen said, “We want to make sure that we do address and uphold China’s international obligations in these areas.” She also said the two countries also need to work together in certain areas, such as efforts to stop the new crown epidemic pandemic and to combat climate change.
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