Yellen Says China Trade Deal Failed to Address “Fundamental Problems”

Source: The Business Times

US Treasury Janet Yellen expressed major concerns about Trump’s trade deal with China, the first indication from the Biden administration reexamining its future agreements with China. CNY USD dips -0.14%, EUR USD slips -0.29%.

• The agreement signed by the Trump administration and China in January last year was designed to stop damaging trade war.
• The Biden administration has not decided on whether to uphold the deal or scrap it or pursue to replace it with a new trade deal.
• After 18 months, the trade agreement is the only area of stability in a declining relationship between the two nations, with conflicts over human rights and origins of the Covid-19 raging.
• China is happy with the trade deal, even as it challenges US actions in other areas.