Biden administration could lift tariffs on some Chinese goods

May 29, 2024, 11:58 AM

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On April 10, President Biden announced a review of tariffs on Chinese imports, originally imposed by Trump, to combat rising consumer prices in the U.S. With inflation remaining high, Biden's potential tariff cancellation aims to reduce domestic goods' costs. Analysts highlight significant job losses due to the trade war, emphasizing the need for a reconsideration of these punitive measures. Both U.S. and Chinese officials advocate for dialogue and resolution to benefit their economies.

U.S. CNBC news, Biden said on the 10th that he may cancel some tariffs imposed on Chinese imports to help control rising consumer prices in the United States. In a speech to the nation in Washington on the 10th, Joe Biden said the White House was reviewing the "punitive measures" imposed during former President Trump's administration that raised prices on everything from diapers to clothing and furniture. It is possible that the White House chooses to cancel the above measures entirely.

Affected by high inflation, the supply of domestic goods in the United States continues to be in a tight state. Biden's speech on canceling some of the tariffs imposed on Chinese goods during the Trump era was aimed at coping with the continued high inflation. It can reduce the cost of domestic goods in the United States to a certain extent. The latest survey data from the University of Michigan showed that in April, consumer inflation expectations for a one-year period remained at 5.4%, unchanged from March data and still at the highest level since 1981; five-year inflation expectations were 3%. , also on par with the March statistic.

Zhao Lijian pointed out that in the first three years since the start of the trade war, namely 2018, 2019 and 2020, the US exports to China have been lower than the level in 2017 before the trade war. How many jobs did the US lose during this period? Over 240,000. "These numbers speak volumes," he said. "A trade war is not good for anyone. It's time for the U.S. government to reconsider and remove these additional tariffs sooner rather than later."

China, on the other hand, has always welcomed the removal of U.S. tariffs on China. At the end of April, Gao Feng, a spokesman for the Chinese Ministry of Commerce, said that China has always believed that the unilateral tariff increase by the United States is not conducive to China, the United States, and the world. In the current situation of high inflation, it is in the fundamental interests of American companies and consumers to cancel the tariffs imposed on China by the United States. At present, the economic and trade teams of China and the United States maintain normal communication.

On April 29, Qin Gang, the Chinese ambassador to the United States, also emphasized in an exclusive interview with the American media that on Sino-US economic and trade issues, it is hoped that the two sides will find a solution acceptable to both sides through dialogue and negotiation based on the principle of mutual respect and understanding. It's time for the U.S. government to reconsider and remove the additional tariffs as soon as possible.

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