Washington said that Hoshine Silicon Industry would not be able to sell its products in the United States due to "reasonable indications" of forced labour in its manufacturing process.
"We expect the cost of federal debt payments will remain well below historical levels through the coming decade. We have a window to invest in ourselves."
Negotiated in marathon talks by EU and US officials, the truce will be formalised in Biden's summit with European leaders Charles Michel and Ursula von der Leyen.
US Secretary of State added fuel to the fire on Monday when he told a congressional hearing in Washington that discussions would begin on a trade deal.