WASHINGTON – U.S. Trade Representative Catherine Day slammed China’s unfair trade practices in a speech on Monday, and vowed to protect the economic interests of the United States, adding that the Biden administration would unite its allies to counter the second largest in the world. Economy.
“Our goal is not to intensify trade tensions with China,” Dai said in a speech to an audience at the Center for Strategic and International Studies, a think tank in Washington.
“But the most important thing is that we must do our best to defend our economic interests, which means taking all necessary measures to protect ourselves from the damage caused by unfair competition over the years,” said Dai, the country’s top trade official.
In her speech, Tai confirmed a CNBC reported last week Said that the Biden administration believes that Beijing has not complied with the first phase of the trade agreement.
According to the deal facilitated by then President Donald Trump and signed in January 2020, Beijing agreed to purchase at least US$200 billion in US goods and services between 2020 and 2021, compared to 2017.However, according to U.S. export data compiled by the Peterson Institute for International Economics, China only reached 62% of the target.
The transaction is scheduled to expire at the end of 2021.
Dai told CNBC’s Kayla Tausche in an exclusive interview on Monday that she is looking forward to leading negotiations with China on behalf of the Biden administration, even though Beijing does not appear to be interested in improving bilateral relations.
“To be honest, before I talked to Beijing, I didn’t know if I could trust Beijing,” Tai said of China’s shortcomings in the first phase of the agreement. “Before we tried, we didn’t know what we could accomplish,” she added.
Last week, Dai Bingguo, Minister of Commerce Gina Raimundo and Secretary of State Anthony Brinken met with EU leaders at EU leaders. Inaugural Meeting of the US-Europe Trade and Technology Committee.
The TTC meeting in Pittsburgh discussed ways to deepen trade and technological cooperation, which shows that the West is interested in competing with China more effectively.
“When we work with our allies, the United States is the most effective,” Raimondo told CNBC On the eve of the US-Europe meeting. “If we really want to slow down the pace of innovation in China, we need to cooperate with Europe.”
Similarly, Dai said in a speech on Monday that the Biden administration will work closely with US allies and like-minded partners “to establish truly fair international trade and promote healthy competition.”
“We need to be prepared to deploy all tools and explore the development of new tools, including through cooperation with other economies and countries. We must develop new routes to change the trajectory of our bilateral trade dynamics,” Dai said.
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