United States Trade Representative, Katherine Tai is poised to announce the Biden administration's long-awaited trade strategy with China on Monday.
Tai will unveil the U.S. trade approaches towards China in a speech at the Center for Strategic and International Studies before joining a question-and-answer session.
The announcement comes nine months after Biden's election as the U.S. president. Major U.S. business groups have expressed that the slow roll-out of a new U.S.-China trade policy has harmed business and urged the Biden administration to cut tariffs on China.
China and the U.S. signed the phase-one trade agreement in 2020, covering the two years for purchase commitments between January 1, 2020, and December 31, 2021.
China's Ministry of Commerce spokesperson Shu Yuting, reiterated on Thursday that China-U.S. trade cooperation is not only beneficial for both countries, but also for the world at large. Increased tariffs are detrimental to the recovery of the world economy and have caused heavy pressure and losses on companies and consumers in the two countries, she added.