Saturday, July 2, 2022

Biden, Mulling tariff decision, will speak to China’s Xi soon

President Joe Biden said on Saturday he plans to speak to Chinese leader Xi Jinping soon as he considers whether to lift some Trump-era tariffs on Chinese goods.

Biden did not say when they may speak, but suggested he get closer to a decision on the fate of the economic penalties.

“I’m making my decision,” Biden told reporters in a brief exchange after a bike ride near his beach house in Delaware.

National Security and Economic Assistants are completing a review of U.S. tariff policies and making recommendations to the president.

The tariffs imposed under President Donald Trump have imposed a 25% tax on billions of dollars worth of Chinese products. The penalties were intended to reduce the US trade deficit and force China to adopt fairer practices.

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Treasury Secretary Janet Yellen recently called for some of those tariffs to be eliminated to fight inflation in the United States. Others in the Biden administration, including U.S. Trade Representative Katherine Tai, have expressed concern about tariff relief when China has not maintained its agreements on purchasing U.S. products.

She said she sees the tariffs as ‘an instrument in the economic policy tool’ that can be considered, but along with ‘many other tools at our disposal’.

“What is of utmost importance to us is to ensure that this medium-term strategic realignment that we know we need to achieve is something we are capable of achieving, and that nothing we do in the short term undermines that greater goal. not, ”Tai said in an interview with The Associated Press last month.

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This article is republished from – Voa News – Read the – original article.

Nation World News Desk
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