{"id":114408,"date":"2021-02-25T18:43:15","date_gmt":"2021-02-25T18:43:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114408"},"modified":"2021-02-25T18:43:15","modified_gmt":"2021-02-25T18:43:15","slug":"bidens-ustr-nominee-tai-backs-use-of-tariffs-vows-focus-on-enforcement","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/bidens-ustr-nominee-tai-backs-use-of-tariffs-vows-focus-on-enforcement\/","title":{"rendered":"Biden's USTR nominee Tai backs use of tariffs, vows focus on enforcement"},"content":{"rendered":"

WASHINGTON (Reuters) – Katherine Tai, President Joe Biden\u2019s nominee for U.S. trade representative, on Thursday backed tariffs as a \u2018legitimate tool\u2019 of trade policy and called for tough enforcement of existing trade deals, including with China.<\/p>

Katherine Tai, nominee for US Trade Representative arrives at the Senate Finance Committee hearing at the US Capitol in Washington, DC, U.S. February 25, 2021. Tasos Katopodis\/Pool via REUTERS<\/figcaption>

Tai mapped out her plans at a confirmation hearing before the Senate Finance Committee, underscoring her commitment to a worker-centered trade policy that treated Americans as \u201cworkers and wage earners, not just consumers.\u201d<\/p>\n

Tai, who served seven years as the Democratic trade counsel for the U.S. House of Representatives Ways and Means Committee, vowed to maintain a \u201chealthy partnership\u201d with Congress, and said she would work to rebuild strained ties with U.S. allies.<\/p>\n

Tai, echoing the get-tough tone on China struck by other Biden nominees and officials, said Beijing needed to live up to its commitments under the Phase 1 U.S.-China trade deal signed in January 2020. China fell 42% short of meeting its commitments to buy additional U.S. goods and services in 2020, experts say.<\/p>\n

\u201cThere are promises that China made that China needs to deliver on,\u201d Tai said, adding that Washington needed to explore all of its options to push for needed structural changes in China to make the world\u2019s two largest economies more compatible.<\/p>\n

Tai, who previously served as USTR\u2019s head of China trade enforcement, told senators that the United States needs a \u201cstrategic and coherent plan\u201d for holding China to its trade promises and competing with Beijing\u2019s state-directed economic model.<\/p>\n

\u201cChina is simultaneously a rival, a trade partner and an outsized player whose cooperation we\u2019ll also need to address certain global challenges,\u201d Tai said. \u201cWe must remember how to walk, chew gum and play chess at the same time.\u201d<\/p>

Slideshow ( 2 images )<\/span><\/figcaption>

Achieving this, she said, would require stronger, more resilient U.S. supply chains and investments in people and infrastructure to boost American competitiveness.<\/p>\n

\u201cWe must also impart the values and rules that guide global commerce – and we must enforce those terms vigorously,\u201d Tai said.<\/p>\n

\u2018IMPORTANT STEP\u2019<\/p>\n

She said she would prioritize enforcement of the U.S.-Mexico-Canada trade agreement, which she helped renegotiate in 2019 as trade counsel for the House Ways and Means Committee to include tougher labor and environmental standards.<\/p>\n

She said the deal marked an \u201cimportant step in reforming our approach to trade\u201d and its success was vital.<\/p>\n

Tai\u2019s testimony has been anxiously awaited for months by industry, U.S. trading partners from Beijing to Brussels, labor groups and lawmakers – all lining up to lobby the Yale- and Harvard-educated daughter of immigrants from Taiwan.<\/p>\n

After former President Donald Trump\u2019s \u201cAmerica First\u201d trade stance upended decades of trade liberalization efforts and heaped tariffs on hundreds of billions of dollars of U.S. imports, many of these groups are pleading for a return to a more traditional view of trade as an engine of growth.<\/p>\n

The U.S. Chamber of Commerce on Wednesday called on Tai to back away from the \u201cblunt instrument\u201d of tariffs.<\/p>\n

As the trade \u201cczar\u201d for the world\u2019s largest economy, biggest importer of goods and second-largest exporter after China, Tai will wield immense clout.<\/p>\n

If confirmed, she faces a long list of disputes left over from the Trump administration, from tariffs on steel and aluminum, aircraft and wine to threatened duties over digital services taxes and China\u2019s lagging U.S. goods purchases.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON (Reuters) – Katherine Tai, President Joe<\/p>\n","protected":false},"author":3,"featured_media":114407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nBiden's USTR nominee Tai backs use of tariffs, vows focus on enforcement - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/bidens-ustr-nominee-tai-backs-use-of-tariffs-vows-focus-on-enforcement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden's USTR nominee Tai backs use of tariffs, vows focus on enforcement - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"WASHINGTON (Reuters) – Katherine Tai, President Joe\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/bidens-ustr-nominee-tai-backs-use-of-tariffs-vows-focus-on-enforcement\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-25T18:43:15+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor24-7.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/bidens-ustr-nominee-tai-backs-use-of-tariffs-vows-focus-on-enforcement\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/bidens-ustr-nominee-tai-backs-use-of-tariffs-vows-focus-on-enforcement\/\",\"name\":\"Biden's USTR nominee Tai backs use of tariffs, vows focus on enforcement - 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