Beijing (AP) – China’s trade envoy met with Treasury Secretary Janet Yellen on Wednesday, but did not suggest when negotiations to end the tariff war would resume.
According to a statement from the Commerce Department, Vice Premier Liu He and Vice Premier Janet Yellen spoke by video link to discuss economic conditions, bilateral cooperation and other “mutual concerns.” He did not reveal the details.
President Joe Biden, who took office in January, responded to the dispute raised by his predecessor Donald Trump, who increased tariffs on imports from China over his dissatisfaction with industrial policy and China’s trade surplus. I have not yet indicated whether such an approach should be taken. In retaliation, China stopped buying US soybeans and raised tariffs on other products.
Liu spoke on the phone last week with Katherine Tai, the representative of the US delegation in the tariff negotiations. Mr Thai’s office said it had discussed a “continuous review” of the trade relationship.
Negotiators did not meet in person until the onset of the coronavirus pandemic in early 2020. Low-level officials implemented a “phase 1” agreement from early 2019 aimed at ending the conflict. We have monthly phone meetings about the situation.
The two sides agreed in a “phase 1” agreement to stop further tariff increases on each other’s products and reduce some of them. China has promised to buy more US soybeans and other exports. After the pandemic disrupted global trade, Beijing is lagging behind in keeping its promise.
Copyright 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
China Announces Trade Envoy to Meet US Treasury Secretary | Business
Source link China Announces Trade Envoy to Meet US Treasury Secretary | Business