InstaForex

October 5, 2021

Trade Agreement Failed To Fulfill, China Ended Up With US

 The United States has promised a new approach to trade relations with China, saying it will do anything to protect economic interests.


U.S. Trade Representative Katherine Tai said she would seek new talks with Beijing following China’s failure to meet a phase 1 trade agreement agreed with former President Donald Trump earlier.


He also did not rule out imposing additional trade tariffs on the world's second -largest economy.



According to an agreement signed in January 2020, Beijing agreed to buy at least an additional $ 200 billion in U.S. goods and services over two years.


However, due to the Covid-19 pandemic that hit and affected world economic activity, China failed to keep its promise.


Tai, who spoke at the Center for Strategic and International Studies on Monday, said the U.S. objective was not to create trade tensions with China, but that they needed to defend the economy.


Therefore, the US is ready to take all necessary measures to protect the economy from damage caused by unfair competition.