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Biden not to immediately cancel Phase 1 deal with China

Biden not to immediately cancel Phase 1 deal with China

Mubasher: Joe Biden will not act immediately to remove the Phase 1 trade agreement that President Donald Trump signed with China, the New York Times reported on Wednesday, citing the US President-elect as saying.

I’m not going to make any immediate moves, and the same applies to the tariffs,” he said. “I’m not going to prejudice my options.”

Under the Phase 1 agreement signed in 2020, Beijing agreed to increase purchases of US goods and services by at least $200 billion over 2020 and 2021.

The deal also includes 25% tariffs on about half of China’s exports to the US worth about $250 billion, and China’s retaliatory levies on more than $100 billion in US goods.

Biden said his “goal would be to pursue trade policies that actually produce progress on China’s abusive practices — that’s stealing intellectual property, dumping products, illegal subsidies to corporations” as well as forcing “tech transfers” from US companies to their Chinese rivals.

He emphasised the importance of developing a bipartisan consensus at home and focusing government efforts on investments in research and development, infrastructure, and education to enable US companies to compete better with Chinese counterparts.

I want to make sure we’re going to fight like hell by investing in America first,” he noted.