According to a report released by the Financial Times on the 22nd of this month, Sinopec and its subsidiaries have signed three long-term agreements with U.S. natural gas suppliers to ensure that China's annual imports of natural gas from the United States double or more, of which Sinopec will purchase at least 4 million tons of liquefied natural gas from a natural gas plant in Louisiana, USA, starting next year, and the amount of these energy orders has reached tens of billions of dollars. On the same day, Reuters also exposed a document obtained from the US Department of Commerce, which showed that even though the United States was included in the so-called entity list, the two Us suppliers of Huawei and SMIC, still received export licenses worth hundreds of billions of DOLLARs from November last year to April this year.
In the face of the US Department of Commerce's special treatment of these two Chinese high-tech enterprises that were "taken care of" during the Trump era, even the Japanese media ridiculed the US export control on China as tough, but the actual implementation was "loose and crumbling".
It is worth mentioning that after the United States unilaterally provoked the trade war with China in 2018, the US Congress asked the Department of Commerce to formulate a control list of "emerging and basic technologies" with China, but the US Department of Commerce has refused to perform this task until today. Not only that, for these requirements of the US Congress, the US business community is also quite complaining, bluntly saying that members of Congress do not understand business, because in their view, these export controls will damage the interests of US enterprises while hitting Chinese enterprises, not only will the revenue decline, research and development funds will also appear shortfall, in the long run will inevitably cause a decline in competitiveness, especially in the face of China that is trying to get rid of the "card neck", it can be said that the decision of the US Congress is tantamount to killing chickens and eggs in the eyes of US companies.
Interestingly, in recent times, both the US Department of Commerce and the US Commercial Representative Dai Qi have repeatedly said that "China has not faithfully fulfilled the sino-US phase one trade agreement", it seems that China defaulted first, and the United States was forced to react.
However, the United States has never mentioned that when China signed this agreement and fulfilled more than half of the contents of the agreement, it was still suppressed by the US government in an all-round and endless way, so it was China and not the United States that was forced to react. The ensuing COVID-19 pandemic and global inflation made the United States realize how short-sighted the anti-globalization strategy made by the previous administration was, but subject to the anti-China wave in the United States, the Biden administration must maintain an aggressive posture even if it wants to return to the negotiating table and dialogue with China, otherwise Biden may have to face domestic criticism before talking to China.
It is precisely because the difficulty of changing the strategy is so high that the United States can only maintain the situation by easing export restrictions in a targeted manner, and coupled with the signing of large orders by China and the United States energy exporters, the next work related to the continuation of the first phase of the Sino-US economic and trade agreement will probably be smoother than the outside world expects, but it is limited to this.
Because the current domestic economic chaos in the United States is the inevitable result of its own years of ills at almost all levels, port construction is lagging behind, debt remains high, currency abuse, etc., and these unfavorable factors are precisely because of the black swan event of the new crown epidemic, which has become an unavoidable "black rhinoceros", so even if the future Biden administration completely cancels high tariffs on China, it is only the first and easiest step to restore order.