In this file:
∑ Ambassador Tai looks to correct course with China
∑ Trumpís China trade deal is Ďstarting pointí for Biden
Ambassador Tai looks to correct course with China
Ag sector not spared from harmful trade-distorting practices from China despite increased market purchases.
Jacqui Fatka, National Hog Farmer
Oct 05, 2021
While U.S. agricultural markets stabilized under the Phase 1 trade deal with China focused on market purchases, U.S. Trade Representative Ambassador Katherine Tai says a new strategy is needed to address the relationship with China. In the coming days, Tai plans to hold frank conversations with her Chinese counterparts about where China has not met its end of the deal.
While speaking at an event at the Center for Strategic and International Studies Oct. 4, Tai outlined as the Biden administration looks to continue its review of the U.S.-China trade relationship, she looks to hold China accountable to its agreement, look to allies to work together in cooperation in confronting China, and look at all the previous and potential new tools to combat Chinaís actions.
The objective is not to escalate trade tensions with China or double down on the previous administrationís flawed strategy, but rather look at how to correct course in building out a strategy both near-term and long-term to address the ongoing strain in the trading relationship between the two economic superpowers.
The starting point is the Trump administrationís negotiated Phase 1 agreement with China...
More ag purchases coming? ...
Future long-term strategy needed ...
Trumpís China trade deal is Ďstarting pointí for Biden
US trade representative says Trump's deal 'hurt select sectors of American economy'
By Jonathan Garber, FOXBusiness
Oct 4, 2021
The Biden administration wants to reshape former President Trumpís historic phase one trade deal with China but acknowledged the former president laid the groundwork.
U.S. Trade Representative Katherine Tai on Monday laid out her vision for trade relations between the worldís two largest economic powers, and admitted there is a zero-sum dynamic where Chinaís economic prosperity comes at the expense of workers and economic opportunity in the U.S.
"We need to take a new holistic and pragmatic approach in our relationship," Tai said during a discussion with Bill Reinsch, senior adviser and Scholl Chair in international business at the Center for Strategic and International Studies.
She added that Trumpís trade deal is "the starting point" for talks and that the administration will "have to address where the relationship goes from the starting point."
Tai said China will be held to the commitments it made as part of the phase one trade deal that benefit certain industries, but that the administration plans to roll back some tariffs that have not produced strategic benefits and raised costs on Americans...