The Office of the United States Trade Representative (USTR) submitted US President Biden’s “2021 Trade Agenda” and “2020 Annual Report” to Congress on March 1. Developed trade policy.
The report shows that Biden’s trade policy focuses, saying that it will take a tough stance on China’s trade practices, including addressing climate change, promoting racial equality, and strengthening global cooperation. It also pays more attention to the negotiation of new bilateral trade agreements.
Consider setting up a border carbon adjustment tax
According to Bloomberg News, Biden’s trade strategy will focus on the sustainable development of the environment and emphasize the use of trade to stimulate the recovery of the US economy. These measures reflect the Biden administration’s attempts to re-establish relations with allies on a global scale.
Biden intends to establish a fair international trade system, promote inclusive economic growth through bilateral and multilateral trade cooperation, solve the climate crisis, strengthen the sustainable renewable energy supply chain, and reach an agreement on promoting innovative and creative trade policies consensus.
USTR is considering setting up a border carbon adjustment tax to promote the global reduction of greenhouse gas emissions. Previously, Trump decided to withdraw the United States from the "Paris Climate Agreement" on the grounds of national security. This move has been criticized by Canada and the European Unio.
In the "2021 Trade Agenda", Biden proposed to add millions of high-paying jobs in the United States, in an attempt to build a stronger industrial and innovation base, and comprehensively promote racial equality, so that the living standards of American workers' families can continue to improve.
Trade policy with China may continue
Biden has inherited a number of Trump's trade initiatives, including imposing an annual import tariff of US$335 billion on China. In addition, the US government is also reviewing its policies against Asian countries in a comprehensive manner.
According to a Bloomberg report on March 1, Biden’s US trade representative-designate Dai Qi said that he would not immediately change the Trump administration’s policy of imposing tariffs on Chinese goods.
Bloomberg reported that this means that the US authorities plan to continue to mediate with China on the basis of the trade agreement established by Trump, rather than completely abandon the agreement.
The White House also stated that it will review the implementation of the Sino-US trade agreement and other related aspects before Biden formulates the next step.
"According to the review, the government will formulate a comprehensive strategy to deal with the challenges brought by China." Dai Qi once declared, "As part of the comprehensive review, I will assess China's implementation of the first phase of the trade agreement."
