Stephen Roach puzzled why Biden continues Trump's China trade deal

Business | 8 Apr 2021 4:27 pm

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

Roach, a senior fellow at Yale University, said Biden kept the “seriously flawed” U.S.-China phase one trade deal and the tariffs on China — but reversed many other 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 told CNBC’s “Squawk Box Asia” on Thursday.

Roach, who’s a former chairman of Morgan Stanley Asia, said he’s “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 said. “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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