U.S. President Joe Biden says he is not yet ready to abolish tariffs imposed during the Trump administration era on Chinese imported goods.
This is due to Beijing's failure to fulfill its promises made under a phase one trade agreement signed two years ago.
China will have to buy an additional $ 200 billion in U.S. goods and services in 2020 and 2021. Even so, due to the Covid-19 pandemic that struck, Beijing failed to meet the deal.
According to data collected by the Peterson Institute for International Economics, Chinese purchases only reached about 60% of the target until November 2021.
Meanwhile, Biden acknowledged that there were several business groups urging the US to repeal the tariff. However, he thinks it is still too early to do so because of China’s failure.
China has previously expressed its hopes for the United States to be able to create conditions for expanding trade cooperation. However, Biden does not seem willing to do so.
