US Trade Representative Katherine Tai on Monday announced that Washington will seek new trade talks with China. Washington believes Beijing has not honored its commitments under an agreement signed with the former US President Donald Trump in January 2020 known as the "phase one" trade deal. US President Joe Biden had also kept in place the tariffs imposed by his predecessor as Tai conducted a review of US trade strategy toward China. Generally, the US sees a bleak outlook. A Biden administration official told the AFP news agency that Washington was aware "that China is unlikely to make meaningful reforms right now," and that there was no push for starting long-awaited "phase two" negotiations.
In retaliation for Chinese trade practices, former President Trump had imposed customs tariffs on $370 billion (€318 billion) worth of Chinese goods. The punitive tariffs, however, were criticized by many US companies.
In August, some of the most influential US businesses urged Biden to reduce the surcharges. They said US industries faced "increased costs" as the tariffs were ultimately paid by importers.
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