WASHINGTON—China has fallen short on meeting its pledges in the “phase one” trade agreement signed last year and the Biden administration will soon commence a review of the deal to determine a proper policy response. Treasury Secretary nominee Janet Yellen said there would be no immediate moves to lift punitive tariffs on Chinese imports that were imposed by the Trump administration. “We are closely monitoring China’s adherence to all of its Phase One commitments, including both the purchase commitments and structural commitments,” she said on Jan. 21, in a written response to questions from the Senate Finance Committee following her confirmation hearing this week. The phase one trade deal signed in January last year requires Beijing to buy $200 billion worth of additional U.S. goods and services over 2020 and 2021 from 2017 levels. Analysis of Chinese trade data by the Peterson Institute for International Economics (PIIE) showed that China has met …