Update (1025ET): Effectively confirming that President Biden is copying his entire China policy from his predecessor, President Trump, while feebly trying to pass it off as his own, President Biden's US Trade Rep, Katherine Tai, laid out her plans to confront her Chinese counterparts about their adherence (or lack thereof) to the "Part 1" Trade deal negotiated by President Trump, before laying out a history of anti-competitive state-direction and subsidization in China's economy that has helped to gut American manufacturing and other industries as well.

After explaining how China undermined the American steel industry, destroying productivity and jobs, while citing semiconductors as the next target for state-directed development (benefitted, undoubtedly, by all the technology they can steal). Other industries from semiconductors to even agriculture, have also been impacted. Per Tai, Beijing has already spent $150 billion in subsidies on this.

"These efforts have reinforced a zero-sum environment where China's success has come at the expense of other economies in the US," Tai said, sounding an awful lot like her predecessor, Robert Lighthizer. "This is why we need to take a new, and pragmatic approach to dealing with China...as our economic relationship with China evolves, so too should our tactics to defend our interests."

"Our strategy must address these concerns while also being flexible and agile that may confront future challenges from China that might arise," she added.