Biden slams US-China trade deal, 'it makes little progress on key issues'
US Democratic presidential candidate Joe Biden blasted the 'phase one' trade deal with China that it failed to make gains on subsidies, cybertheft and predatory practices in trade and technology
US Democratic presidential candidate Joe Biden blasted the 'phase one' trade deal with China that it failed to make gains on subsidies, cybertheft and predatory practices in trade and technology.
'China is the big winner of the 'phase-one' trade deal with Beijing,' the former vice president said in a statement to Bloomberg News. 'True to form, [President Donald] Trump is getting precious little in return for the significant pain and uncertainty he has imposed on our economy, farmers, and workers.'
The US has agreed to halve 15 per cent duties on US$120 billion of imports and delay others in return for Chinese promises to make structural reforms and purchase an additional $200 billion in American goods and services over the next two years.
Punitive tariffs are expected to remain on almost two-thirds of US imports from China - $360 billion in goods - until at least the November presidential election.
Mr Biden said the steps the deal takes are 'almost all vague, weak, or covered by previous announcements and existing agreements.' Because of that, he said, 'it's no wonder Trump doesn't want the American people to see the text of the deal until after it's signed.'
The agreement's 'fundamental problem,' he continued, is that it 'preserves an economic relationship in which China maintains its illegal and unfair trade practices.'
It defers discussion of China's state capitalism, industrial subsidies and state-owned companies, to future phases of trade talks. 'No one should be fooled by Trump's empty promises to deliver a meaningful 'phase two' deal,' he said.
If elected, Mr Biden said, he will work with democratic allies to 'set the rules of the road and push back on China's aggressive and predatory behaviour. He will also criticise China's human rights record while cooperating on climate change.