USTR Tai To Provide Testimony To Congress, China In Focus

10:00 ET 15:00 BST: USTR Katherine Tai will provide testimony to the House of Representatives Ways and Means Committee on President Biden’s 2024 trade agenda. LIVESTREAM

• Tai's testimony comes a week after US Treasury Secretary Janet Yellen travelled to China to warn of US measures in response to Chinese industrial overcapacity in eclectic vehicles and other clean energy related goods.
• Yellen told CNN yesterday that she, "wouldn’t take anything off the table [including new tariffs] as a potential response."
• Committee Chair Jason Smith (R-MO) said in a statement: "Lawmakers are taking aim at China, holding the Biden Administration accountable, and leveling the playing field for American farmers and workers with a new series of trade and tax policies led by members of the House Committee on Ways and Means."
• On China, Tai will say, according to prepared remarks: “We have seen the People's Republic of China (PRC) create dependencies and vulnerabilities in multiple sectors... This is why we are taking a serious look at how our existing tools are addressing this problem, including through our four-year review of the [Trump-era] China Section 301 tariffs."
• Tai: “This is also why I am closely reviewing the Section 301 petition I received from the five national labor unions regarding the PRC’s acts, policies, and practices in the critical maritime, logistics, and shipbuilding sector."
• Tai will also reiterate that commercial competition can be managed without tensions: “Our economic relationship with the PRC is complex, and as the President said, we want competition with China, not conflict.”