The likely winner of the US presidential election Joe Biden said he did not intend immediately end the trade war with China and abolish the Donald Trump trade duties. In an interview with The New York Times , he noted that first their full analysis.
Biden 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.
At the same time, the politician pointed out that the goal of the strategy will be progress in the fight against the theft of intellectual property, dumping, non-market preferences for Chinese state corporations and forcing US companies to share technology. In fact, we are talking about the same goals that Trump declared.
In January, the United States and China signed the first leg of a trade agreement under which the White House retained tariffs of 25 percent on $ 250 billion in Chinese goods. Also, 7.5 percent duties on goods worth $ 120 billion remain in place.
Beijing has pledged to buy US $ 75 billion worth of industrial goods, $ 50 billion worth of energy resources, $ 40 billion worth of agricultural products, and $ 35-40 billion of services. Negotiations on the second part of the deal amid the coronavirus pandemic have not led to a concrete result.
Earlier, British economist Jim O’Neill called Biden a greater danger for China more than Trump, since the Democratic candidate can connect international institutions to pressure, as well as increase the importance of ecology.