financetom
Economy
financetom
/
Economy
/
US trade chief Tai says taking 'serious look' at tools to deal with China
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US trade chief Tai says taking 'serious look' at tools to deal with China
Apr 16, 2024 2:45 AM

WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai will tell lawmakers on Tuesday that the Biden administration is "taking a serious look" at U.S. trade defense tools to deal with threats posed by China's trade and economic policies, including a review of Trump-era tariffs on Chinese imports.

In excerpts of testimony to the U.S. House of Representatives Ways and Means Committee released ahead of a hearing on Tuesday, Tai said that China's policies were causing "dependencies and vulnerabilities in multiple sectors, harming American workers and businesses and creating real risks for our supply chains.""This is why we are taking a serious look at how our existing tools are addressing this problem, including through our four-year review of the China Section 301 tariffs," Tai said.

Tai's testimony on the Biden administration's 2024 trade agenda comes just a week after U.S. Treasury Secretary Janet Yellen issued a warning to Chinese leaders that their overinvestment in production capacity for electric vehicles, solar panels and other clean energy goods was threatening an unacceptable wave of exports that would hurt producers and workers in the United States and elsewhere.

Yellen on Tuesday will commence a new dialogue with Chinese officials on "balanced growth" at the Treasury, but China trade experts say her message to Beijing on excess capacity may be an initial step toward a new "Section 301" unfair trade practices investigation that could impose new tariffs on EVs, solar panels and other imports.

Former President Donald Trump used Section 301 of the Trade Act of 1974, to impose tariffs on hundreds of billions of dollars worth of Chinese imports in 2018. The Biden administration is now nearing completion of a lengthy review of whether to renew those duties.

Tai also will tell lawmakers that she is closely reviewing a petition from five U.S. unions to open a new Section 301 investigation into China's allegedly unfair acts, policies and practices in the maritime logistics and shipbuilding sector.

"Our economic relationship with the PRC is complex, and as the President said, we want competition with China, not conflict," Tai said in her excerpts.

A major goal of the Biden administration's work on supply chains has been aimed at reducing dependence on China and diversifying sources of supply to avoid bottlenecks like those that occurred at the end of the COVID-19 pandemic, Tai said

"Reducing dependencies and vulnerabilities and strengthening supply chains is a major priority for USTR this year, which informs our work as part of the President's Council on Supply Chain Resilience," Tai said.

The U.S. trade chief has put workers at the center of U.S. trade policy, seeking to build higher labor standards in trade negotiations with other countries. She said this includes prioritizing strong labor commitments in negotiations with Kenya and Taiwan.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US employment boom leaves factory workers behind
US employment boom leaves factory workers behind
Apr 4, 2024
(Reuters) - Dan Ariens laid off workers, cut shifts, and halted nearly all hiring last summer after sales slumped at his company, best known for making bright orange snow blowers and lawnmowers sold around the world. Headcount fell 20% to 1,600 people, and he doesn't see business improving until 2025. The experience of the Ariens Company, a fourth-generation family-owned firm...
Fed's Kugler says disinflation
Fed's Kugler says disinflation "to continue"
Apr 3, 2024
(Reuters) - Federal Reserve Governor Adriana Kugler on Wednesday said she believes inflation will continue to fall this year as households and businesses trim spending and the supply of goods and services continues to improve. I expect the disinflationary trend to continue and help pave the way for rate cuts over the course of the year, Kugler said in comments...
US Dollar Falls Early Thursday Ahead of Weekly Jobless Claims, International Trade Data, Natural Gas Stocks, Fed Speakers
US Dollar Falls Early Thursday Ahead of Weekly Jobless Claims, International Trade Data, Natural Gas Stocks, Fed Speakers
Apr 4, 2024
07:48 AM EDT, 04/04/2024 (MT Newswires) -- The US dollar declined against its major trading partners early Thursday, except for a small uptick versus the yen, ahead of the release of weekly jobless claims and international trade data for February, both at 8:30 am ET. Weekly natural gas stocks follow at 10:30 am ET and an update to the Atlanta...
US layoffs reach 14-month high amid government, tech cutbacks
US layoffs reach 14-month high amid government, tech cutbacks
Apr 4, 2024
NEW YORK (Reuters) - U.S. layoff announcements rose 7% in March to the highest since January 2023, led by technology and government-sector job eliminations, though cuts announced year to date are down 5% from a year ago amid a still-strong job market, a report out on Thursday showed. Job cut announcements increased to 90,309 in March from 84,638 in February,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved