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Biden ‘not here’ in lowering Chinese commodity prices | Business and Economy

The US leader says China is not living up to its promise of a Phase 1 deal signed by Donald Trump’s predecessor.

U.S. President Joe Biden on Wednesday said action was imminent to raise US prices on Chinese goods, but senior business adviser Katherine Tai was preparing for the deal.

“I want to be in a position where I can say that they are fulfilling their promises, or most of what they have promised, and I can raise some of them, but we have not yet arrived,” Biden said. , in reference to China’s actions under a Part 1 marketing signed by Donald Trump’s predecessor.

China is about to fulfill its promise under a two-year agreement to buy $ 200bn in US goods and services by the end of 2021, and it is still unclear how the deficit will be resolved.

Chinese purchases only accounted for about 60 percent of their demand by November 2021, according to the Peterson Institute for International Economics. The US Census Bureau is expected to release the December data next week.

Biden said he was aware that some business groups were calling for the release of 25 percent of US commodity prices that Trump had imposed on billions of Chinese exporters, which is why Tai was addressing the issue.

But he said he would soon move forward due to China’s failure to boost its purchases.

China last week said it hoped the United States could establish conditions for enhancing trade agreements.

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