The trade war between China and the United States will not end with the coming to power of the new American President Joe Biden, the Associated Press predicts. The agency, citing economists, indicates that the confrontation will not resume immediately.
It is now more important for the US to focus on economic recovery and the fight against coronavirus. “It will be some time before we receive any changes or explicit announcements,” commented Luis Quijs of Oxford Economics. White House spokesman Jen Psaki said earlier in January that Biden is assessing tariffs on Chinese goods and wants to coordinate next steps with allies.
After winning the presidential election, Biden said that he did not intend to immediately end the trade war and abolish trade duties. He stressed that one should also consult with Washington’s traditional allies in Europe and Asia and develop a new strategy, and then take some action.
The main reasons for the start of a trade war between China and the United States were the large trade deficit in bilateral relations between the United States and China, as well as Washington’s claims to Beijing regarding violations of intellectual property rights.