(WSJ) Over thirty US business groups are asking Biden’s administration to renegotiate the 2020 Phase One Trade Pact with China and reduce import tariffs.
The business groups say that China had already complied with the 2020 Phase One Trade Pact.
Biden’s administration has not committed fully to implement the trade pact entered during Trump’s government, increasing frustrations among American firms.
The Chinese maintain that trade issues will only be addressed once the trade deal is accepted.
Treasury Secretary Janet Yellen says import tariffs are harmful to the economy though there is no signal that the administration will change its stance.
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