Economist predicts US-China trade outlook under new administration
Iowa State University Economist Wendong Zhang says he believes tariffs on China will remain in place under a Biden Administration.
“I want to lower your expectations on potential tariff rollbacks…that will likely be less important than rollout of the COVID-19 vaccines, thinking about how to re-jumpstart the global economy, and even the Paris Accord for climate change probably becomes more important issues than thinking about trade policies,” he says.
He says it’s unlikely the US will renegotiate the phase one trade agreement with China soon.
“The phase one deal renegotiation could take a lot of time, and probably won’t necessarily happen over the next year,” he says.
Zhang, speaking during the Purdue University Top Farmer Conference, says it’s important to note that Biden is no stranger to US-China relations. Biden was chair of the Senate Foreign Relations Committee when China joined the WTO.