A day ahead of the summit meeting, Janet Yellen told CBS that removing tariffs imposed by the Trump administration imposed on Chinese imports “would make some difference” on inflation, and added that US trade representative Katherine Tai was “revisiting” the phase one trade agreement with Beijing. – the Global Times
President Joseph Biden and Chinese Communist dictator Xi Jinping have concluded a 3.5-hour internet meeting today, and – as usual – it looks like our big fish in the White House floundered again.
Bowing to the international business community, he has recently used his policy bosses, including Treasury Secretary Yellen, to signal that tariffs on China will soon disappear, just as Biden recently succumbed to European Union sweet talk to end U.S. restrictions on steel and aluminum EU dumping.
Not only refusing to even recognize Taiwan, Biden also avoided condemning China’s slave labor, sale of human organs on the open market, illegal forays into the South China sea, theft of intellectual property, hacking our government and corporate databases and trade secrets, and the banning of even Twitter and Facebook for sometimes telling the truth.
Xi was happy with the result, describing China-US economic and trade relations as mutually beneficial in nature, and said the two sides need to “make the cake bigger” through cooperation.
He also said that economic and trade issues between the two countries should not be politicized, while urging the U.S. to stop abusing or overstretching the concept of national security to suppress Chinese enterprise, the Times reported.
China’s dictator drew up several red lines for the US, according to the Times:
…not only concerning sovereignty-related matters like the Taiwan question, but also on China’s social system and development path, with Biden reiterating that the US does not seek to change China’s system, the revitalization of its alliances is not anti-China, and the US has no intention to have a conflict with China.
Lurking behind the soft tones from the two leaders was the real agenda – selling more farm and mining goods to China, and, in return, exporting cheap consumer items of dubious quality to America. This is similar to the 19th century relationship between England and its vassal state of India – the mother country sent finished goods and the colony provided raw materials at very low prices.
“China takes seriously the wishes of US business community to travel to China more easily, and has agreed to upgrade a ‘fast-track’ arrangement, which will further enhance economic and trade exchanges between China and the US and boost the recovery of the two economies,” Xi added.