United States is thinking on devising policies to reinstate trade policies with China

President Joe Biden's administration has been unable to create a trade policy with China after seven months in office

United States is thinking on devising policies to reinstate trade policies with China

President Joe Biden's administration has been unable to create a trade policy with China after seven months in office. A virtual meeting with two business associations, the US Chamber China Center Advisory Board and the US-China Business Council was conducted recently, wherein US Trade Representative Katherine Tai stated that the Biden-Harris Administration and USTR are conducting a comprehensive review of US-China trade policy. She further highlighted the importance of the US-China trade relationship and stated that the US is dedicated to addressing China's unfair trade policies and non-market behaviors that harm American firms and workers.

Biden was able to persuade key G-7 nations in making strong remarks against China. On the other hand, Biden has not yet developed a trade policy or devised any method that would be truly successful in challenging China's economic strength. Under previous President Donald Trump, trade tensions between the world's two largest economies were exacerbated. A trade war that started with tariffs on billions of dollars-worth of products on both sides has now spread to technology and finance.

According to a one interview, China's Ministry of Commerce indicated that the two nations were still in regular communications over trade. Despite the political difficulties between the two biggest economies, trade between the United States and China has witnessed a sharp increase. According to customs statistics acquired by Wind Information, China's exports to the United States have been recorded at 36.9% year over year in the first seven months of this year. It is in sharp contrast to the same period in 2020, whereas imports have registered an increase of 50.4% year over year in the January to July period. Despite Trump's attempts in lowering the trade deficit, China's trade surplus with the US increased to USD 35.42 billion in July 2021.