Washington: The Biden administration will revisit the phase one trade agreement signed with China last year, a senior official said on Monday, asserting that the US Trade Representative will soon resume direct engagement with her Chinese counterpart to outline a new approach to the bilateral relationship.
In January last year, the US had signed the first phase of the trade deal with China, which former president Donald Trump described as historic, concluding more than a year of tough negotiations.
China not adhering to trading norms
For too long, China’s lack of adherence to global trading norms has undercut the prosperity of Americans and others around the world. —Katherine Tai, US trade representative
The agreement was signed by Trump and Chinese Vice Premier Liu He, Politburo Member and Vice Premier of China.
The first phase of the trade deal includes Intellectual Property (IP) Protection and Enforcement, ending forced technology transfer, dramatic expansion of American agriculture, removing barriers to American financial services, ending currency manipulation, rebalancing the US-China trade relationship and effective dispute resolution.
“We will revisit the phase one agreement and emphasise that China must follow through on the commitments it has made,” a senior administration official said.