China is not abiding by the first phase agreement, Biden trade officials will say: source

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People familiar with the matter told CNBC’s Kayla Tausche that U.S. Trade Representative Katherine Tai will announce on Monday that China is not complying with the so-called phase one trade agreement reached by the administration of former President Donald Trump.

The source said that according to the agreement, China should have purchased an additional US$200 billion in US goods within two years, but the country has not fulfilled this promise.

This statement will represent some of the most powerful counterattacks against China by the Biden administration. Ms. Dai will speak on her review of China’s trade policy in Washington on Monday.

It is not yet clear how the Office of the US Trade Representative will respond. Sources told CNBC that the Office of the United States Trade Representative is evaluating possible actions against China’s non-compliance, including possible additional tariffs.

Monday’s speech will mark the last three months of the agreement Trump signed in 2019. It called on China to expand its purchases of certain U.S. goods and services from January 1, 2020 to December 31, 2021.

Chad Bown, a senior researcher at the Peterson Institute for International Economics in Washington, said that as of August, China’s purchases of US exports are estimated to be about 62% of the target of the trade agreement.

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