President Joe Biden “considered” on Monday the elimination of Trump-era trade tariffs currently imposed on China by his administration as a measure designed to ease pressure from record inflation in the United States. Said that.
Biden arrived in Japan on Sunday after visiting South Korea when he first visited the Indo-Pacific region as president. His goal was to insist on “American leadership in key regions” while sending a “strong message” to China.
At a press conference with Prime Minister Biden, Prime Minister Fumio Kishida confirmed that discussions on the possibility of raising China’s trade tariffs continued.
“I’m considering it. We didn’t impose those tariffs. They were imposed by the last administration and are under consideration,” he told reporters.
Former US President Donald Trump imposed tariffs of up to 25 percent on China in 2018 to combat what he called unfair trade practices by the Chinese administration. Beijing also imposed tariffs on Washington as a retaliation measure.
US Treasury Secretary Janet Yellen Said on May 18th Some of the tariffs imposed by the Trump administration are “less strategic” in terms of addressing unfair trade practices, national security issues, and supply chain vulnerabilities.
Yellen also seems to be doing more harm to U.S. consumers and businesses, despite acknowledging “various legitimate concerns” about tariffs imposed on China. Insisted that.
“There are cases where lowering some tariffs could provide some relief, as some tariffs benefit consumers and businesses, not just inflation. We have these discussions. There are many implications, “she told reporters.
On this issue, Senator Bill Hagerty said eliminating China’s trade tariffs would deprive China of “the only leverage it is currently implementing to lead China to a more normal trade relationship.”
“China has been laughing at banks all the time about that. Looking at our energy policy here in the United States, broadly speaking, it’s a big advantage for China,” Hagerty said. Said Fox business.
Hagerty, the US ambassador to Japan from 2017 to 2019, said there was no “rapid inflation” after the tariffs were enforced, but Washington was influential.
“Katherine Tai, you can understand the current reason [U.S.] Traders don’t want to do this. The Biden administration is pursuing another mechanism. And again, net profit to China, “he added.
May 3rd, U.S. Trade Officer Federal Register Notice Having started the necessary statutory process by the time of the 4th anniversary of the first “Article 301” tariffs imposed on Chinese imports.
The review process involves collecting comments from domestic industries that have benefited from tariff measures.
“If one or more continuation requests are submitted, USTR will issue additional notices announcing the continuation of tariff measures from 6 July and proceed with the tariff review.”