Business Journal/Wall Street Journal: Beijing Fell Short on Trade Deal Promises, Creating Dilemma for Biden
WASHINGTON—Beijing’s commitment to step up purchases of U.S. goods and services under a 2020 trade pact expires Friday with China expected to miss its targets by a wide margin, creating a dilemma for the Biden administration as it calibrates a response.
The White House could potentially reinstate certain tariffs that were cut as part of the trade deal, but that could backfire if China cut back U.S. purchases or took measures against American companies doing business there.
Alternatively, the U.S. could ignore the shortfall, which could send a signal to Beijing that it won’t face consequences.
How the U.S. responds is being watched closely by U.S. businesses, many of which want smooth relations with China to ensure continued access to its giant market. Others including some domestic manufacturers take a harder line, citing Chinese government support for favored industries and saying the U.S. needs to nurture its own supply chains.
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WNU Editor: Beijing is blaming the US on why China has been unable to fulfill its promises in the 2018 trade agreement .... What’s next for China-US after phase-one trade deal? (Global Times).
1 comment:
Who has already seen a communist country recognizing it is at fault even in a small way.
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