The US Treasury will keep tariffs on Chinese goods put in place by the Trump administration as Secretary Janet Yellen reviews the current economic relationship with the Asian superpower.
Yellen and the Department of the Treasury will review US trade relations with China following a deal that Trump signed into office back in January.
This deal eased tensions between the two nations after Trump’s long trade war which economists estimate might have caused as many as 245,000 lost jobs in the US.
Trump’s deal would see China commit to purchasing $200 billion in US goods and services over a two year period. Recent studies have shown that China fell short of this goal by 42% in 2020.
Yellen and the Treasury will evaluate what their approach to China should be, keeping in mind issues with trade, forced technology transfers, and subsidies on high-technology industries. President Biden has taken a hard stance on China, saying that the US will hold them accountable for human rights violations.
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