On October 4 2021, USTR Katherine Tai delivered her much-awaited speech at CSIS outlining US-China trade policy under the Biden Administration. The speech summarizes her “top to bottom” review of US-China trade policy. Sadly, it was one of the most IP-free speeches that we have heard from USTR on China trade policies. USTR Tai mentioned intellectual property only once when she briefly talked about the Phase 1 Agreement. An Administration orientation towards increasing market access for grains and goods, but not protection and commercialization of intangible rights, could have long-term adverse consequences.