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Trade relations between China and the United States, the world’s largest economies, are “significantly unbalanced”. According to a representative of the US government, it is important that relations are better balanced.
U.S. Trade Representative Katherine Toy argued that parts of trade relations between countries are unhealthy and in some ways harmful to the U.S. economy over time. Tai responded when asked if the United States would move forward with a trade agreement signed with China in January last year to impose tariffs on Chinese goods.
The American emphasized not only inequality in terms of performance, but also opportunities and openness. Ahead of a virtual meeting of trade ministers from the Asia-Pacific Economic Cooperation forum, he said “the United States is committed to doing everything in its power to restructure trade relations between the United States and China.”
No major changes yet
These comments come at a time when the two countries appear to be strengthening economic ties. For example, Chinese Deputy Prime Minister Liu spoke with Thai and Finance Minister Janet Yellen over the past two weeks. As for China, the talks show that the two countries have resumed normal communication. There are no general signs of any improvement when it comes to making changes in trade tariffs and other economic issues.
The Biden administration has not yet made major changes to former President Donald Trump’s policies. Tai previously said he wanted to frame the January 2020 trade agreement, but so far the US approach to China has not improved.
Despite diplomatic and political tensions, trade and investment flows between the two countries continue to increase. Chinese exports to the United States are still growing, though not enough to reach the levels promised in the previous trade agreement.
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