USTR report calls out China over 'harmful trade practices'
Source: Politico
The Biden administration on Wednesday criticized China as the biggest source of global excess capacity in sectors such as steel, aluminum and solar energy, and promised further action "to address these harmful trade practices."
The tough talk was another sign that trade relations between the world's two largest economies will remain fraught, even though former President Donald Trump is no longer in office.
The Office of the U.S. Trade Representative made the statement as part of its mammoth annual National Trade Estimate Report on Foreign Trade Barriers. The section on China runs more than 30 pages, second only to chapter on the European Union.
"China’s state-led approach to the economy and trade makes it the world’s leading offender in creating non-economic capacity, as evidenced by the severe and persistent excess capacity situations in several industries, including steel, aluminum, and solar," USTR said in a news release.
Read more: https://www.msn.com/en-us/money/markets/ustr-report-calls-out-china-over-harmful-trade-practices/ar-BB1faZXA?ocid=DELLDHP&li=BBnb7Kz