In a statement U.S. President Joe Biden said, it was too early to make any commitments on lifting U.S. tariffs on Chinese goods, while USTR Katherine Tai said she was working on the issue.
“I’d like to be able to be in a position where I could say they’re meeting their commitments, or more of their commitments, and be able to lift some of them, but we’re not there yet,” said Biden at a news conference at the White House.
The comments are in reference to China’s commitments under the Phase 1 trade deal, which it has yet too make, which was signed by former US President Donald Trump.
China has failed to meet its commitments under its pledge under the two-year Phase 1 trade agreement to buy $200 billion in additional U.S. goods and services during 2020 and 2021; it remains unclear how the shortfall will be addressed.
According to data compiled by the Peterson Institute for International Economics, Beijing has met only 60% of its commitments through November 2021.
The U.S. Census Bureau is expected to release December 2021 data next week. Saying he was aware that some business groups were clamoring for him to start unwinding U.S. tariffs of up to 25% imposed by Trump on hundreds of billions of dollars of Chinese imports, and that is why Tai was working on the issue, he said it was too soon to move forward given China’s failure to meet its purchase commitments.