The US will protect economic interests in China, USTR Tai says

WASHINGTON – United States trade representative Katherine Tai criticized China’s non-trade approach and pledged to protect US economic interests in talks Monday, adding that Biden’s leadership would form a coalition to get back to the world’s second-largest economy.

“Our goal is not to provoke trade disputes with China,” Tai said in an address to the audience at the Center for Strategic and International Study, a Washington think tank.

“But above all, we must prevent to the point of eliminating our economic interests and it means taking necessary steps to protect ourselves from the industry’s damage caused by age through unfair competition,” said Tai, the country’s chief trade officer.

During his speech, Tai confirmed the CNBC report last week saying the Biden manager thought Beijing had not complied with the first trade agreement.

According to the agreement, signed under President Donald Trump and signed in January 2020, Beijing agreed to buy up to $ 200 billion in US products by 2020 and 2021, compared to 2017. written by the Peterson Institute for International Economics, China accounted for only 62% of that goal.

The agreement is set to expire at the end of 2021.

Tai told CNBC’s Kayla Tausche in an exclusive interview on Monday that she hoped to lead talks with Chinese representatives in Biden’s management, although it seemed like a small wish from Beijing to mend two bilateral relations.

“Honestly I don’t know if I can trust Beijing until I talk to Beijing,” Tai said of China’s shortcomings in the first agreement. “We don’t know what to do until we try,” he added.

Last week, Tai along with trade secretary Gina Raimondo and Secretary of State Antony Blinken met with European Union leaders at the first US-EU Trade and Technology Council meeting.

TTC meeting in Pittsburgh to discuss ways to develop trade and technology cooperation demonstrates Western desire to compete more effectively with China.

“America works best when we work with our partners,” Raimondo told CNBC before the US-EU summit. “If we really want to reduce China’s development rate, we have to work with Europe.”

Similarly, Tai said in a statement on Monday that Biden’s management would work closely with US allies and others with a common mindset to “build real, global trade that enables healthy competition.”

“We need to be prepared to deploy all the tools and explore new developments, including through partnerships with other economies and countries. And we need to plan a new way to transform our trading system into a dynamic one,” Tai said.

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