Aiming China, Biden government creates task force to fight unfair trade practices – 06/08/2021 – Market

The United States will target China in a new “task force” to fight unfair trade practices, the Biden government reported on Tuesday (8), as it released the findings of a review of US access to essential products, from semiconductors to batteries for electric vehicles.

The “commercial supply chain task force”, led by the US trade representative, will look for specific violations that have contributed to an “emptying” of supply chains that could be resolved with commercial actions, including in relation to China, officials said. government to reporters.

Officials also said the Commerce Department was considering launching a Section 232 investigation into the national security impact of imports of neodymium magnet used in engines and other industrial applications, which the United States imports largely from China.

President Joe Biden called for a review of supply chains in February, requiring executive agencies to report within 100 days the risks to US access to essential goods, such as those used in pharmaceuticals and rare earth minerals, of which the United States are dependent on foreign suppliers.

While not explicitly aimed at China, the review is part of a broader strategy by the Biden administration to strengthen US competitiveness in the face of economic challenges posed by the world’s second-largest economy.

“Semiconductors are the building blocks that underpin much of our economy and are essential to our national security, our economic competitiveness and our daily lives,” said US Secretary of Commerce Gina Raimondo.

The United States faced serious challenges in obtaining medical equipment during the Covid-19 pandemic and now faces huge bottlenecks in a number of areas, including computer chips, crippling the production of goods such as cars.

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