(WASHINGTON) President Elect Report: Joe plans ‘ Great Reset ‘ with China Trade Polic y: Global Times (GT) reporter Hu Yuwei talked with Stephen Roach (Roach), a senior fellow at Yale University ‘s Jackson Institute for Global Affairs and an expert on China-US economic ties, for his insights on the fut ure direction of both economies and China-US trade talks.” #AceNewsDesk report

#AceNewsReport – Nov.16: Global News Editor Notes: With Joe Biden being declared the winner of the US presidential election, many have discussed what changes his administration might bring to China-US relations. Policymakers and analysts around the world are speculating what policies and tools Biden will use to deal with China. Global Times (GT) reporter Hu Yuwei talked with Stephen Roach (Roach), a senior fellow at Yale University’s Jackson Institute for Global Affairs and an expert on China-US economic ties, for his insights on the future direction of both economies and China-US trade talks.”

Supporters of Donald Trump rally at the US Capitol in Washington, DC, on Saturday. Photo: AFP: https://t.me/c/1099420761/2059091

GT: Will Biden’s win be a turning point for strained US-China relations? To what extent will Biden turn away from the Trump administration’s sledgehammer approach to China?

Stephen Roach Photo: AFP

Roach: I do not think it is a turning point. However, I do think it is an opportunity to use a different approach in engaging with China. Under the Biden administration, the dialogue with China will be more transparent, more predictable, and more disciplined. Biden will not use Twitter and a shotgun approach to tariffs to threaten or address the concerns the US has with China: But the structural issues that have been raised in the Trump administration – intellectual property rights, technology transfer, cybersecurity, and China’s compliance with the terms of WTO – will remain on the table and continue to be the focus of ongoing efforts by the US to reach a constructive agreement with China: I am hopeful that this disciplined approach will be far more productive in achieving an improved relationship between our two nations:

GT: Will Biden heal trade relations and de-escalate the trade war? If not, will Biden propose new tariffs given that he said he has no plans to remove existing tariffs?

Roach: The tariff war was a big mistake. While it did lead to the so-called Phase I trade deal, that approach is seriously flawed. We had merchandise trade deficits with 102 countries last year; Phase I was a bilateral attempt to fix America’s multilateral problem. Simple economics tells you that this approach will not work. Biden and his advisors are aware of that. I think that they will move away from the Phase I framework negotiated by the US and China and try to find a more workable approach to deal with the trade imbalances between two nations:

There will eventually be a reduction in tariffs. We’ve learned from history, and we’ve learned from tracking the impact of the current round of tariffs, that this is not a workable approach for the resolution of trade disputes. If left unchecked, the tariffs could lead to damage to both nations on both sides of the conflict:

My favorite alternative approach would be a bilateral investment treaty. It is one of the best frameworks for mutual opening of markets between the two countries: It could open up China’s market to US companies, as well as open up US market to Chinese companies. And it would be based on enforceable and transparent rules governing mutual market access. We were close to reaching an agreement on a bilateral investment treaty during the Obama administration but unfortunately those negotiations came to a halt as soon as President Trump took office in 2017:

#AceNewsDesk report ……………..Published: Nov.16: 2020:

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