U.S. Commerce Secretary Gina Raimondo mentioned on Sunday that President Joe Biden has requested his crew to have a look at the choice of lifting some tariffs on China that have been put into place by former President Donald Trump, to fight the present excessive inflation.
“We are looking at it. In fact, the president has asked us on his team to analyze that. And so we are in the process of doing that for him and he will have to make that decision,” Raimondo informed CNN in an interview on Sunday when requested about whether or not the Biden administration was weighing lifting tariffs on China to ease inflation.
“There are other products — household goods, bicycles, etc. — and it may make sense” to weigh lifting tariffs on these, she mentioned, including the administration had determined to preserve a few of the tariffs on metal and aluminum to shield U.S. employees and the metal trade.
Biden has mentioned he’s contemplating eradicating a few of the tariffs imposed on lots of of billions of {dollars}’ value of Chinese items by his predecessor in 2018 and 2019 amid a bitter commerce warfare between the world’s two largest economies.
China has additionally been arguing that tariff reductions would lower prices for American customers.
Raimondo additionally informed CNN she felt the continuing semiconductor chip scarcity may seemingly proceed till 2024.
“There is one solution (to the semiconductor chip shortage),” she added. “Congress needs to act and pass the Chips Bill. I don’t know why they are delaying.”
The laws goals to ramp up U.S. semiconductor manufacturing to give the United States extra of a aggressive punch towards China.
Raimondo mentioned she disagreed with the characterization that Biden’s $1.9 trillion American Rescue Plan had contributed to the present excessive inflation. Congress handed the COVID-19 aid package deal a yr in the past earlier than it was signed into regulation, marking a signature achievement of Biden’s first yr in workplace.
US Mulls Lifting Some China Tariffs to Fight Inflation & More Latest News Update
US Mulls Lifting Some China Tariffs to Fight Inflation & More Live News
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