(July 19): U.S. Treasury Secretary Janet Yellen expressed doubts about last year’s trade deal with China, the first clear statement from the Biden administration detailing its thinking about the future of the agreement between the world’s two largest economies. For its part, the Chinese government has mostly praised the trade deal, even as it has criticized U.S. actions and statements in other tense areas. “The first phase of the agreement is good for China, good for the U.S., and good for the whole world,” Ministry of Commerce Spokesman Gao Feng told reporters last week in Beijing. Ever-growing Chinese surplusThe deal hasn’t reduced the U.S. trade deficit with China, one of former President Donald Trump’s goals. With no sign of when the U.S. will finish its review of its China policy, it’s unclear whether the trade deal’s future will be resolved this year.

Source: The Edge Markets July 19, 2021 01:07 UTC