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“At present, we maintain the tariffs that were imposed under the former Trump administration,” Minister Yellen said, adding that they will reassess the situation thoroughly and make the right decisions.
According to Yellen, Washington expects Beijing to honor its trade commitments. When asked if the tariffs were effective, Ms. Yellen hesitated before answering, “We are going to investigate this.”
“We are in the process of evaluating the appropriate approach for China. However, there are a number of issues where we see unfair behavior,” Minister Yellen said, citing concerns about China’s behavior in relation to trade, transfer forced technology and subsidies to high-tech industries.
“We want to make sure … China has to fulfill its international obligations in these areas” – stressed Ms Yellen.
According to Yellen, there are areas that the two countries should cooperate with, such as fighting the Covid-19 pandemic and climate change.
US Treasury Secretary Janet Yellen said she was considering a suitable approach for China. Photo: Reuters
Last month, the White House announced that it would review all national security measures taken under Trump, including a temporary trade deal with Beijing.
This agreement helps reduce tensions between the world’s two largest economies after a fierce trade war that US experts estimate could “destroy” 245,000 US jobs. However, both parties still maintain most of the fees.
Under the agreement signed in January 2020, China pledged to buy US goods and services for $ 200 billion in two years. However, according to Reuters, a recent study found that Beijing only met 58% of its goal last year.
President Joe Biden has vowed to improve relations with allied countries, while being tough on China, warning this week that Beijing will have to “pay the price” for human rights abuses.
President Joe Biden is more likely to implement strict policies toward China. Photo: Reuters
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