(News 24h) – President Biden promotes domestic production, reconsidering the tariff war with China.
The Joe Biden administration began looking at a trade war with China and working with allies to prevent the country’s economic expansion across multiple sectors.
|White House press secretary Jen Psaki|
On January 25, White House press secretary Jen Psaki said US President Joe Biden “would take a variety of ways to interact with China, including assessing the tariffs being applied”.
“We have seen over the past few years that China is challenging our security, prosperity, and standards, requiring the US to take a new approach. We want to approach this issue with war patience. strategy “- said the White House secretary.
Mr. Biden’s intention to evaluate punitive tariffs is a sign that the new administration in Washington DC will seek to handle the US-China relationship.
The White House is also conducting comprehensive assessments of issues in US-China relations, including sanctions issued by former President Trump. The order prohibits US investors from making new transactions with three Chinese telecom carriers, starting Jan. 11 through November 2021.
“The President is committed to preventing China’s economic abuse in many areas, the most effective way to do so is through cooperation with our allies and partners,” the letter said. sign Jen Psaki said.
“He also wants to ensure the coordination of action with his allies and partners, as well as with Democrats and Republicans in Congress,” he added.
Mr. Biden’s intentions on punitive tariffs have become a major focus on the US-China front.
According to the South China Morning Post, analysis of China customs data by the Peterson Institute for International Economics (USA) last week showed that China only fulfilled 58% of the target of the first phase trade agreement, posing ask about whether the agreement is workable even without interruption caused by the COVID-19 pandemic.
On January 25, President Biden signed a decree to strengthen the US manufacturing industry to fulfill his campaign commitments to promote domestic production and facilitate the use of domestic workers.
CNN quoted President of the US Manufacturing Union Scott Paul said that the fact that Mr. Biden signed the decree to promote domestic production made him become the president “Made in America”.
According to the US Bureau of Labor Statistics, the COVID-19 epidemic has caused the manufacturing industry to lose 543,000 jobs since February 2020, as well as causing the entire economy of the country to stagnate.