Flags of the United States and China are displayed on the booth of the American International Chamber of Commerce (AICC) during the China International Fair for Trade in Services in Beijing, China, Jan.
Jason Lee | Reuters
BEIJING – Seven months since US President Joe Biden took office, his administration has not yet established a trade policy with China.
US Trade Representative Katherine Tai said Tuesday that the “Biden Harris Administration and USTR are conducting a comprehensive review of US-China trade policies,” said a reading of a virtual meeting with two business associations, the US Chamber China Center Advisory Board and the US-China Economic Council.
Recognizing the importance of the US-China trade relationship, she said the US remains determined to “address China’s unfair trade policies and non-market practices that undermine American companies and workers,” the reading reads.
Michael Hirson, practice manager for China and Northeast Asia at the consulting firm Eurasia Group, has pointed out that Biden was able to convince large G-7 countries to make strong statements against China. However, Biden has “not yet formulated a trade strategy or other approach that would be really effective in countering China’s economic power,” said Hirson.
Trade tensions between the world’s two largest economies escalated under former President Donald Trump. A dispute that began with tariffs on billions of dollars worth of goods on both sides has since spread to technology and finance.
American companies and other foreign companies have long complained about unequal access to the Chinese market, lack of intellectual property protection and forced technology transfers.
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China’s Ministry of Commerce announced last week that the two countries will remain in “normal communication” regarding trade, according to a CNBC translation.
Trade between the US and China has grown despite political tensions.
China’s exports to the United States rose 36.9% in the first seven months of the year compared to the same period in 2020, while imports rose 50.4% year-on-year in January-July, according to customs data on the accessed via wind information.
China’s trade surplus with the US rose further to $ 35.42 billion in July, despite Trump’s efforts to reduce that surplus.