U.S. business groups approach President Biden to restart trade converses with China – WSJ

Almost three dozen of the United States’ most persuasive business groups have asked President Joe Biden’s administration to restart trade chats with China and cut tariffs on imports, the Wall Street Journal announced.

The tariffs on Chinese items paid by U.S. merchants were forced to guarantee that Beijing satisfies its obligations under its 2020 Phase One trade agreement with the United States.

In a letter to U.S. Exchange Representative Katherine Tai and Treasury Secretary Janet Yellen on Thursday, the business bunches said that China had met “important benchmarks and commitments” in the agreement, the report added, including opening business sectors to U.S. financial institutions and decreasing some regulatory barriers to U.S. agricultural exports to China.

“A worker-centered trade agenda should account for the costs that U.S. and Chinese tariffs impose on Americans here and at home and remove tariffs that harm U.S. interests,” the report quoted the letter as saying.