Biden does not intend to cancel duties of 25% on products from China immediately

Joe Biden, who, according to preliminary data, won the US presidential election, said that he does not intend immediately after coming to power to cancel the 25% duties imposed under the current President Donald Trump on Chinese goods worth about $ 250 billion, provided for by the first phase of the trade agreement between the countries.

“I’m not going to take any immediate action; the same goes for duties,” Biden said in an interview with the New York Times.

First, he said, he wants to conduct a full analysis of China’s existing agreement and consult with “traditional allies (the US) in Asia and Europe” to develop a coherent strategy.

Biden said his goal would be to implement trade policies that actually lead to progress in the fight against China’s abuses: theft of intellectual property, dumping of goods, illegal subsidies for corporations, and forced transfer of technology from American companies their Chinese counterparts.

The United States and China signed the first part of a trade agreement on January 15, under which Washington maintained duties of 25% on Chinese goods worth about $ 250 billion, along with 7.5% on goods worth $ 120 billion. The agreement stipulates that the Chinese side will purchase $ 75 billion worth of American industrial goods, $ 50 billion worth of energy resources, and $ 40 billion worth of agricultural products. At the same time, China will have to spend another $ 35-40 billion on services over the next two years. So the US expects to bring the imbalance in trade with China, which totaled hundreds of billions of dollars, to an “honest” indicator.

Negotiations between Washington and Beijing on the second phase of the trade agreement ended without success.

Google News button