On May 10, U.S. local time, U.S. President Biden said in a speech at the White House on rising prices that tackling inflation is a priority for the U.S. federal government. When asked by the media whether he would reduce the tariffs imposed on China during the Trump administration, Biden said that he is "researching what measures will have the most positive effect", adding that whether to remove the tariffs is under discussion.
And according to the research results of the Peterson Institute for International Economics:
If the U.S. government cuts import tariffs by 2 percentage points, inflation is expected to fall by 1.3 percentage points;
If the U.S. lifts the 2021 tariffs on Chinese imports, it will save U.S. businesses and consumers $81 billion in costs.
The Wall Street Journal quoted people familiar with the matter as saying on May 4 that U.S. Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo are in the camp in favor of easing tariffs on China. They favor waiving some of the import tariffs imposed on Chinese products during the Trump administration.
U.S. Treasury Secretary Janet Yellen, who has previously warned that the tariffs still in place are hurting U.S. consumers, said in April when asked about lifting tariffs on Chinese-made goods to ease rising prices: “I think it’s worth it. considerate."
On April 27 this year, the US-China Business Council issued a statement saying that the imposition of tariffs on goods imported from China is an unnecessary tax levied on American consumers and businesses, and the cancellation of the additional tariffs will reduce the prices of consumer goods and increase inflation in the face of high inflation. For context, it can save each family hundreds of dollars a year.
"Cooperation will benefit both, and fighting will hurt both." We are very willing to see the in-depth cooperation between China and the United States. Of course, Chinese exporters hope that there will be good news as soon as possible.
