China ‘ignored their obligations’ under Biden: Bessent
In a recent discussion on Bloomberg Surveillance, Treasury Secretary Scott Bessent criticized the Chinese Communist Party for failing to adhere to trade obligations established under a previous agreement with the United States. Bessent stated that the Biden governance did not uphold its part of the deal, which included negotiations on various trade issues such as tariffs, currency manipulation, and labor subsidies. He noted that onc President Biden took office, the Chinese delegation felt entitled to disregard their obligations from the prior agreement. The trade deal from January 2020,initiated by President Trump,had seen initial tariffs on China reduced significantly from 145% to 30%. moving forward, the recent agreement includes a 90-day duration for the new terms, with the white House endorsing the deal as beneficial to the U.S.
Bessent says China ‘ignored their obligations’ on trade under Biden
Treasury Secretary Scott Bessent said the Chinese Communist Party did not follow through on its previous trade deal with the United States because the Biden administration did not hold up its end of the deal.
The U.S.’s recent trade deal with China included negotiations such as “tariffs, nontariff trade barriers, currency manipulation and subsidies of labor and capital,” Bessent said on Bloomberg Surveillance on Monday.
China was an outlier among foreign countries facing tariffs. However, the 145% initial tariff President Donald Trump placed on it has since been reduced to 30%.
“In January 2020, President Trump produced a template. We had an excellent trade agreement with China, and the Biden administration chose not to enforce it,” Bessent said. “The Chinese delegation basically told us that once President Biden came into office, they just ignored their obligations. So, you know, we all already have a large framework.”
In return, China decreased its tariffs on U.S. goods from 125% to 10%. Starting May 14, the deal will last 90 days. The White House lauded the agreement in a statement.
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“This trade deal is a win for the United States, demonstrating President Trump’s unparalleled expertise in securing deals that benefit the American people,” the statement said.
The United Kingdom also negotiated a trade deal, and about seventy-three countries facing tariffs have yet to strike an agreement with the U.S.
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