US trade representatives released the details of the deal with China in the month Jan 2020. In this deal, China willingly accepted to make the purchase of US goods of $200 billion in the coming years. Before the trade war, China bought nearly $130 billion of goods and $56 billion of services in the year 2017. Afterwards, China committed to purchasing additional manufacturing products for the year 2020 and 2021 from the US. During the agreement, the US also agreed on cutting half of the tariff rates imposed on a long list of Chinese products worth $250 billion of products used by US manufacturers.
After the elections, Joe Biden in an interview said that he will not respond straight away to remove the tariff that is nearly half of China’s export to the US according to the agreement. He further said that he will like to conduct a full review of the existing agreement with China i.e. the phase 1 agreement inked by President Donald Trump with China, which includes Beijing to purchase near about $200 billion of additional goods and services during the year 2020-2021. He also said that he wants to be at the same allies and keep them at priority in the opening weeks of his presidency and will try to get back on the same path.
He also focused on the point that they need to develop an independent consensus and increase their investments in research and development, education and infrastructure to better defeat China and will pay attention to invest more and more in America first. He also added that he won’t come into an agreement with anyone else until or unless he makes some government’s large-scale investments in the country especially in the field of biotech, education and in advanced technologies. Also, according to the interview, Biden’s team assured that they will continue the policies set against China’s abusive practices like stealing intellectual property, dumping products, forcing the technological companies to transfer from the US to their country and dealing with illegal material to corporations.
He further said to focus on the rural Americans or the democrats. The democrats cannot afford to lose another four years. He said he respects them and assured to pay attention to combat the virus by mainly paying attention towards the rural Americans by trying to end the healthcare crisis.
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