(SCMP) The US Treasury secretary, Janet Yellen, is concerned that the US-China Trade agreement did not address key trade issues.
The trade secretary doubts whether the deal signed during the Trump administration solved trade wars entailing tariffs on billions of dollars worth of goods.
Biden’s administration is faced with the decision to keep the deal, replace, or remove it as the two countries continue to pay more in import tariffs.
China Ministry of Commerce spokesperson Geo Feng praised the deal as serving both parties well amidst pessimism of its future in Beijing.
The US-China deal is far from reducing the US trade deficit with the Asian largest economy.
China is below its purchasing targets agreed by the end of the year. Phase one of the US-China trade agreement was signed in January 2020 during Trump’s administration.
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