USTR Tai: Will explore development of tools to defend economic interests with regard to China

US Trade Representative Katherine Tai said on Monday that they will raise concerns on China's 'state-centred and non-market trade practices' with Beijing during talks on the Phase 1 trade deal, as reported by Reuters.

Additional takeaways

"Washington will explore the development of new tools to defend US' economic interests with regard to China."

"Not characterizing Trump's China policies as failed but they haven't gotten us where we need to go."

"Will engage on Phase 1 trade deal, much depends on the Chinese response, will raise concerns about larger industrial policy issues."

"Not had conversations with Chinese officials on intervening issues that have prevented them from meeting Phase 1 commitments."

"Will look at all available tools in addressing US concerns, including section 301 investigations."

Market reaction

Wall Street's main indexes remain on the back foot following these comments. As of writing, the S&P 500 Index was down 1.4% on a daily basis at 4,297.