Elected US President Joe Biden has no immediate intention to cut import tariffs on Chinese goods. Before making a decision, he wants to consult with key allies in Europe and Asia, and take a detailed look at US policy towards China.
At the beginning of this year, President Donald Trump signed a trade deal with China. China pledged to buy more American goods, including billions of dollars in agricultural products. Also, Beijing promised to protect patents better and to open the financial market to foreign parties further.
The US has waived an announced round of new import tariffs. In 2018, the US already imposed import tariffs on approximately $ 550 billion worth of goods exported by China to the US.
“I’m not going to make immediate decisions, and neither will the charges,” Biden told a New York Times reporter. “The best strategy for China is one that aligns all our allies. (…) That is a big priority in the first weeks of my presidency”.
China, after Biden’s comments, insists that resolving trade disputes with the US requires “respect from both sides”. “We believe that problems in our trade relationship should always be resolved based on mutual respect and fair consultation,” said a spokesman for the Chinese Ministry of Foreign Affairs.