Biden will keep Trump's China tariffs... at first

Joe Biden is saying he won't get rid of the tariffs on Chinese exports imposed by President Donald Trump, or scrap Trump's new trade agreement with Beijing.

At least, not at first.

The New York Times quoted the president-elect Wednesday as saying his top priority was getting a generous stimulus package through Congress, even before he takes power.

And that he won't immediately cancel Trump's deal, known as a Phase 1 trade agreement.

Under that deal, signed this year, China agreed to increase purchases of American products and services by at least $200 billion over 2020 and 2021.

Reuters reported earlier this week that Trump was trying to box Biden into hardline positions on Beijing, bolstered by the anti-China sentiment in Congress that has often shaken financial markets over the past four years.

Biden told the paper he wouldn't take any moves right away, saying: "I'm not going to prejudice my options."

He said he'd battle what he called China's "abusive practices", listing them as stealing intellectual property, dumping products, giving illegal subsidies to corporations and forcing tech transfers from U.S. companies to Chinese counterparts.

But he'd seek bipartisan consensus, and to get U.S. allies on to the same page again.

Biden also said he'd focus on boosting the competitive advantage of U.S. companies, through government investment in research and development, infrastructure and education.

Saying: "I want to make sure we're going to fight like hell by investing in America first".

China responded to the NYT interview by saying trade issues between two sides should be properly settled based on mutual benefit, respect and consultation.