Biden leans toward removing tariffs on some Chinese goods | Anue Juheng – US Stocks

The new White House press secretary Karine Jean-Pierre revealed on Tuesday (14th) that U.S. President Biden is inclined to cancel some of the tariffs imposed on Chinese goods during the Trump era, and internal discussions are continuing.

Champier noted on Tuesday that the Biden administration has long viewed the Trump-era tariffs on some Chinese goods as “irresponsible” and not promoting U.S. national security, but instead driving up costs for U.S. consumers and businesses. Discussions on this issue are still ongoing within the White House.

Foreign media quoted sources who pointed out that Biden has stated to White House aides that he is inclined to remove tariffs on some Chinese imports, asking officials to make detailed analysis and selection in recent weeks. It is reported that the US government will announce details as early as June. .

The Peterson Institute for International Economics recently noted that lower U.S. tariffs on Chinese goods could reduce inflation by up to 1.3 percentage points, or save $797 per household.

However, the White House believes that the removal of tariffs on some Chinese goods is unlikely to significantly curb high U.S. inflation, and the responsibility for curbing inflation lies with the Federal Reserve, but Biden is still inclined to cancel because the U.S. government has few other options to deal with soaring prices.

Yellen sees reconfiguration as more strategic for Chinese tariffs (Image: AFP)

U.S. Treasury Secretary Janet Yellen said on the 8th that the Biden administration is studying the revision of “Section 301” tariffs on Chinese products exported to the United States and excluding these tariffs for certain products.

Yellen said: “In terms of tariffs on some Chinese imports, I think Americans are ultimately paying, not the Chinese, which undoubtedly hurt American consumers and businesses, and it’s more strategic to reconfigure those tariffs, although it’s not mitigation. A panacea for high inflation.”


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