(PresidentialWire.com)- Reuters revealed this week that the United States just agreed to come to a new deal with China, after U.S. trade representative Katherine Tai finally revealed a “top-to-bottom” review of the U.S.-China trading relationship.
But even as the review comes out, some major American companies and experts have complaints that there remains a total lack of specifics on how the current trading relationship will change and the specifics of a new agreement with China.
On Monday, Katherine Tai revealed her new plan and promised to hold new talks with Chinese officials over the country’s failure to meet the terms outlined in the “Phase 1” trade deal agreed with former President Donald Trump. She also committed to reviving a process that would grant some exclusions to Chinese products being exported to the United States.
In other words, China reneged on the deal with Trump in full expectation of Biden coming to power, and now China is being rewarded for it by the Biden administration offering exemptions to tariffs put in place by former President Donald Trump.
It’s almost too convenient for China, isn’t it?
Mary Lovely, a trade economist from Syracuse University in New York, said of Tai’s speech that she intends to re-engage with China and that it’s a “good thing.”
“But her whole plan seems to be, ‘I’m going to have a conversation,’” she added.
Is re-engaging with China really the right thing when that re-engagement is rewarded reneging on a deal that took years to agree to in the first place?
Tai is expected to leave most of former President Donald Trump’s tariffs in place, at least for the time being. She will launch discussions with her Chinese counterpart, Liu He, and is expected to raise concerns about Chinese industrial subsidies.
But other than that, we really don’t know what this “deal” is.