Wednesday, April 21, 2021
Home Business Economist Stephen Roach questions Biden’s decision to keep Trump’s China policies

Economist Stephen Roach questions Biden’s decision to keep Trump’s China policies

Stephen Roach of Yale University.

Frederic J. Brown | AFP | Getty Images

Leading economist Stephen Roach mentioned he discovered it “really curious” that U.S. President Joe Biden has left a lot of his predecessor’s policies on China in place.

Roach, a senior fellow at Yale University, mentioned Biden stored the “seriously flawed” U.S.-China part one commerce deal and the tariffs on China — however reversed many different policies enacted by former President Donald Trump.

“Why has he singled out the China-Trump policy as one that is worth sustaining, when he has literally tried to wipe the slate clean of every other potential Trump policy that he inherited? That’s an important question that needs to be answered,” Roach advised CNBC’s “Squawk Box Asia” on Thursday.

During Trump’s time period, the U.S. and China had been engaged in a commerce warfare that threatened to derail the worldwide economic system after each side slapped retaliatory tariffs on one another’s merchandise. The part one commerce deal put a pause to the commerce struggle, however didn’t roll again these elevated tariffs.

Escalating U.S.-China tensions

U.S.-China relations bought off to a rocky begin beneath the Biden administration.

Last month, the 2 nations’ first high-level assembly kicked off with an change of insults, and the U.S. — together with a few of its Western allies — slapped sanctions on Chinese officers and entities for human rights abuses within the Xinjiang area.  

Beijing retaliated in opposition to the U.S. and its allies with its personal sanctions.

Roach, who’s a former chairman of Morgan Stanley Asia, mentioned he is “very concerned” about escalating U.S.-China rhetoric.

“The situation is going from bad to worse and it doesn’t have to do that,” he mentioned. “We need, I think, a more level-headed approach from the U.S. side as well as from the Chinese side to go back to the areas that we have in common.”

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