US-China relations: Biden’s trade strike force sees US turn to aggressive ‘industrial policy’ to counter Beijing
- US supply chain review shows willingness to experiment with expansive industrial policy to maintain global hegemony, experts say
- Trade ‘strike force’ provides new tools for the Biden administration to target centrally-managed economies like China
US efforts to combat unfair trade practices with a new strike force and provide government support for American businesses highlight the Biden administration’s “more aggressive” stance towards China, as well as its willingness to implement “industrial policy” to maintain international dominance, analysts say.
The measures were contained in a 255-page review released on the same day the Senate passed a sweeping US$250 billion bill to boost US competitiveness in the face of mounting geopolitical tension with China.
Touching on nearly every aspect of the complex and increasingly tense relationship between Washington and Beijing, the bill includes hundreds of billions of dollars for American semiconductor manufacturing and research and development.
“Compared to the Trump administration, the Biden administration’s policy toward China since taking office has been more aggressive, especially in the hi-tech sector,” said Shi Yinhong, an adviser to the State Council, the country’s cabinet.