Biden will not immediately remove Phase 1 trade deal with China


In an interview with a Times columnist, Biden said that the United States needed to get leverage back to use in negotiations with China.

NER YORK: U.S. President-elect Joe Biden has said that he will not immediately act to remove the Phase 1 trade agreement, which President Donald Trump inked with China, the New York Times reported on Wednesday.

In an interview with a Times columnist, Biden said that the United States needed to get leverage back to use in negotiations with China.

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

"In my view, we don’t have (leverage) yet," he added.

The United States needs to develop a bipartisan consensus and increase government-led investments in research and development, infrastructure and education to better compete with China, according to the president-elect.

"I want to make sure we're going to fight like hell by investing in America first, ” Biden said.

Under the Phase 1 agreement signed earlier in the year, China agreed to increase purchases of American products and services by at least $200 billion over 2020 and 2021.

The deal also leaves in place 25% tariffs on a $250-billion array of Chinese industrial goods and components used by U.S. manufacturers, and China's retaliatory tariffs on over $100 billion in U.S. goods.

Biden's team will pursue policies targeted at China's "abusive practices," including "stealing intellectual property, dumping products, illegal subsidies to corporations" and forcing "tech transfers" from U.S. companies to their Chinese counterparts, according to the interview.

On Iran, Biden said he stood by his views that his administration would lift sanctions if Tehran returned to "strict compliance with the nuclear deal."

Last month, Iranian Foreign Minister Mohammad Javad Zarif had said Iran would fully implement its 2015 nuclear deal if Biden lifts sanctions, which Zarif said could be done swiftly through "three executive orders".

"In consultation with our allies and partners, we’re going to engage in negotiations and follow-on agreements to tighten and lengthen Iran’s nuclear constraints, as well as address the missile program," Biden added. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Biden , trade agreement , phase one

   

Did you find this article insightful?

Yes
No

87% readers found this article insightful

Next In Business News

Quick take: Cymao slumps to low of RM1.55
UOB Kay Hian: Dancomech's earnings to grow at CAGR of 14%
Ringgit higher for 3rd straight day as US$ drifts
Bursa gets lift as global stocks hit all-time high
Quick take: Genting Malaysia slides on temporary closure
Globaltec's NuEnergy finds natural gas in Muara Enim
Quick take: Fintec rises in active trade
AmInvestment upgrades Bursa to 'buy' on higher trading volume
Empowering SMEs on digital marketing
Trading ideas: Cymao, Zhulian, Axis Reit, Hibiscus, Widad, YTL, MAHB

Stories You'll Enjoy