Biden would not act immediately to remove Phase 1 agreement with China

U.S. President-elect Joe Biden will not immediately act to remove the Phase 1 trade agreement President Donald Trump inked with China, the New York Times reported on Wednesday.

In an interview with a Times columnist, Biden said he would not act immediately to remove the 25% tariffs that Trump imposed on about half of China's exports to the U.S.

Under the agreement, China agreed to increase purchases of American products and services by at least $200 billion over 2020 and 2021.