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US to review its trade policy with China

US to review its trade policy with China

The US authorities are seeking ways to come to terms with China and improve their trading relationships. The ongoing trade conflict between Washington and Beijing has exhausted both sides. US officials believe that the world’s two largest economies should find a new approach to collaborate instead of putting spokes in each other's wheels. The White House was the first to acknowledge the need for reconciliation. Thus, US Trade Representative Katherine Tai said that Washington was ready to reconsider its approach to trade relationships with China. This may include deploying new modern trade tools and strategies, the Ambassador explained. She admitted that the two countries have different views on bilateral trade relationships. At the same time, Washington expects its counterpart to comply with existing rules, including WTO norms. For years, the US has been pressuring China to change its trade practices, using the carrot and stick approach. “We need to turn the page on the old playbook,” Tai said. “That starts with developing new domestic tools and making strategic investments to maintain our global competitive edge.

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