U.S. Treasury Secretary Considers Lowering Tariffs on China Imports

It is reported that U.S. Treasury Secretary Janet Yellen said on ABC TV on the 19 that as record inflation continues, tariffs on Chinese imports levied by the former Trump administration serves “no strategic purpose and raise costs to consumers.”

Regarding tariff policy the Biden administration continued after taking over from last year, Yellen said, “We all recognize that China engages in a range of unfair trade practices that is important to address…” And revealed that the government is considering a partial reduction in tariffs on Communist China.

On June 18, at a news conference, President Biden, when asked by reporters about the possibility of removing or lowering tariffs on China, said that they are considering it comprehensively.

Under the current circumstances, with the midterm elections approaching in November, the Biden administration hopes to lower tariffs to moderate record inflation. On the other hand, the Chinese Communist Party (CCP) has yet to take concrete measures to correct unfair trade practices. If the Biden administration unilaterally concedes and lowers tariffs, it will inevitably lead to criticism of the government. The Biden administration is stuck between a rock and a hard place.