US-China trade tensions originating under the Trump administration will persist under newly inaugurated US President Joe Biden, reports Forbes magazine.
Mr Biden takes over the White House after a phase one trade deal reached between the US and China a year ago, setting targets for China's purchasing of US goods and reducing the trade deficit.
'The targets that that deal laid out were always going to be difficult to achieve. We have a new administration now. It's difficult to say what's going to happen to that deal, but we do know that trade deal, given the pandemic, did not achieve what (was) hoped,' said TD (Toronto Dominion) Bank's economist Leslie Preston.
'With the new Biden administration, certainly you're going to have the same complaints about the trading relationship with China as the previous administration did. As the virus eventually fades further from view, this will continue to be an important theme in the outlook,' said Ms Preston.
China's GDP increased 6.5 per cent from a year earlier in the fourth quarter and 2.3 per cent for all of last year.
'The speed of the rebound just reflects the country's ability to marshal resources quickly. It's more on the supply side than the demand side, which is consumers and businesses - though that appears to be catching up,' said Ms Preston.
The US economy is expected to improve this year, with US GDP anticipated to increase 4.1 per cent in 2021.
SeaNews Turkey
Mr Biden takes over the White House after a phase one trade deal reached between the US and China a year ago, setting targets for China's purchasing of US goods and reducing the trade deficit.
'The targets that that deal laid out were always going to be difficult to achieve. We have a new administration now. It's difficult to say what's going to happen to that deal, but we do know that trade deal, given the pandemic, did not achieve what (was) hoped,' said TD (Toronto Dominion) Bank's economist Leslie Preston.
'With the new Biden administration, certainly you're going to have the same complaints about the trading relationship with China as the previous administration did. As the virus eventually fades further from view, this will continue to be an important theme in the outlook,' said Ms Preston.
China's GDP increased 6.5 per cent from a year earlier in the fourth quarter and 2.3 per cent for all of last year.
'The speed of the rebound just reflects the country's ability to marshal resources quickly. It's more on the supply side than the demand side, which is consumers and businesses - though that appears to be catching up,' said Ms Preston.
The US economy is expected to improve this year, with US GDP anticipated to increase 4.1 per cent in 2021.
SeaNews Turkey