US Trade Representative Jamieson Greer has acknowledged that 25 years of US efforts to reform China’s economy have failed, with conditions worsening over that period. The Trump administration has abandoned the strategy of restructuring Beijing’s export-driven model in favor of managed trade with transactional agreements. A US-China Board of Trade has been established to identify approximately $30 billion in goods from each side eligible for tariff reductions on non-sensitive products. China committed to purchasing 25 million metric tons of US soybeans annually, but only 4 to 5 million had been purchased by mid-August. Average tariffs on Chinese goods remain around 55%, a level the administration appears comfortable maintaining.
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