U.S. President Joe Biden. (Photographer: Oliver Contreras/Sipa/Bloomberg)
(Bloomberg Businessweek) -- Two years ago, then-President Donald Trump signed the U.S.-China Phase One trade agreement, hailing it as an “historic” deal. Joe Biden’s team spent the presidential campaign criticizing it as too limited in scope and lacking teeth. Yet once the Democrat took office, there was a recalibration. In a speech in October, U.S. Trade Representative Katherine Tai described the framework as “useful” and said it’s...