The United States will not suspend duty that charges against China in the short term, he said Katherine Tai, head of the White House Trade Representation (USTR).
However, Tai said that the United States could be open to trade negotiations with China in this regard.
In an interview with The Wall Street Journal, Tai said he recognized that duty they involve charging a price to US businesses and consumers, although proponents have said the tariffs also help protect businesses from subsidized foreign competition.
I’ve heard people say, ‘Please remove these tariffs,’ “Tai told the US newspaper. But “eliminating tariffs,” he warned, could hurt the economy unless the change “is communicated in a way that economic actors can make adjustments.”
In 2018, USTR concluded that China engages in forced technology transfer, cyber theft of US intellectual property and trade secrets, and strategic acquisitions of US assets financed by the state.
Subsequently, the United States government imposed duty to China’s imports worth about $ 250 billion.
The Chinese government responded with duty on US products worth $ 110 billion. Most of the rates for the two countries are still in effect.
As part of a potential tipping point, the United States and China signed a phase one agreement in January 2020 in which China pledged to strengthen intellectual property enforcement and increase access to agriculture and financial services, if well it left most of America’s concerns unresolved.
The deal included provisions for China to purchase $ 468 billion over two years of American products and services.
However, China fulfilled only 63% of its commitments made in Phase One of the merchandise trade agreement with the United States in 2020, according to information from the US Department of Commerce.
In Phase One, China pledged to import US $ 142.9 billion worth of goods last year, but only made purchases of $ 89.6 billion.
With respect to 2020, it bought manufactured goods for $ 52.6 billion (63% of its commitments), energy products for $ 9.7 billion (37% of what was agreed) and 27.3 billion of agricultural goods (82% of what was agreed).
In 2018, the US government also imposed duty to aluminum and steel to address excess capacity in China.
“Whether they are companies, traders, manufacturers or their workers,” said Tai, “the ability to plan” for changes that affect your future is essential.
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