More than 300 U.S. companies have called for an extension of China’s punitive tariffs.
Washington is considering rolling back some of the tariffs imposed on Chinese goods under the previous Trump administration. A report quoted officials as saying that the Biden administration is considering removing tariffs on $10 billion worth of Chinese goods this month, accounting for about 2.7% of the additional tariffs. At present, the U.S. government has received requests from more than 300 companies for the Biden administration to retain the tariffs imposed on Chinese goods under former President Trump. The White House said the Biden team was still under consideration.
Biden is considering rolling back some tariffs imposed by the Trump administration on Chinese imports amid mounting pressure to ease stubbornly high U.S. inflation, but is expected to meet with Chinese President Xi Jinping first.
Trump has slapped punitive tariffs on about $350 billion a year in Chinese imports while in office, some of which are set to expire tomorrow unless authorities extend them. U.S. Trade Representative Dai Qi’s office has consulted with stakeholders, and as of today, the U.S. Trade Representative (USTR) has received more than 300 requests to extend tariffs on $10 billion worth of Chinese goods that are expected to expire tomorrow. The next round of tariffs, which is expected to expire on Aug. 23, received nearly 80 requests.
The U.S. Trade Representative’s website did not specify which companies were, but sources confirmed that more than 300 companies had called for maintaining tariffs on China. Dai Qi has said she is reluctant to give up the checks and balances provided by these tariffs; Treasury Secretary Yellen has argued that some tariffs “have lost their strategic purpose” and that readjusting them can ease inflation. U.S. inflation hit a 40-year high, leaving American households in limbo.
Yellen expressed concern about Beijing’s unfair trade practices during a video conference with Chinese Vice Premier Liu He. Asked about the timeline for a decision on the possible rollback of some tariffs, a White House spokesman said Biden’s team was still considering options on tariffs on China.
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