Joe Biden is considering abolishing Trump’s China tariffs

Joe Biden in Tokyo

In Tokyo, Biden also spoke about the possibility of lifting his predecessor’s punitive tariffs.

(Photo: Reuters)

Tokyo In view of the high rate of inflation, the US government is considering abolishing some of the punitive tariffs on imports from China introduced by then-President Donald Trump. “I’m considering it. We didn’t put any of these tariffs, they were put in by the last administration,” President Joe Biden said Monday in Tokyo at a joint press conference with Japanese Prime Minister Fumio Kishida. Biden said he would discuss this with Treasury Secretary Janet Yellen after his return from Asia.

Yellen had already declared at the end of April that the government was doing everything in its power to lower the rate of inflation. This also includes a “careful” review of the trade strategy towards China. It is appropriate to review the tariffs because it would have “some desirable effects” in terms of inflation, Yellen said. It is therefore being examined whether some of the tariffs can be abolished again.

Trump imposed the first punitive tariffs on Chinese imports in 2018, starting a trade war between the world’s two largest economies. He wanted to reduce the high US trade deficit with China and accused Beijing of unfair trading methods. Just one year later, almost all imports from China, worth more than 500 billion US dollars at the time, were subject to punitive tariffs. Beijing also responded with new taxes on US imports.

More: Inflation in the US at 8.3 percent – ​​“American living standards are eroding”

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