U.S. mulls lifting some China tariffs to struggle inflation By Reuters

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© Reuters. FILE PHOTO: Chinese language and U.S. flags flutter outdoors the constructing of an American firm in Beijing, China January 21, 2021. REUTERS/Tingshu Wang/File Picture

By Kanishka Singh WASHINGTON (Reuters) – U.S. Commerce Secretary Gina Raimondo mentioned on Sunday that President Joe Biden has requested his workforce to take a look at the choice of lifting some tariffs on China that had been put into place by former President Donald Trump, to fight the present excessive inflation. “We’re it. In reality, the president has requested us on his workforce to investigate that. And so we’re within the technique of doing that for him and he must make that call,” 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 different merchandise – family items, bicycles, and many others – and it might make sense” to weigh lifting tariffs on these, she mentioned, including the administration had determined to maintain among the tariffs on metal and aluminum to guard U.S. staff and the metal trade. Biden has mentioned he’s contemplating eradicating among the tariffs imposed on tons of of billions of {dollars} price of Chinese language 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 shoppers. Raimondo additionally informed CNN she felt the continuing semiconductor chip scarcity may seemingly proceed till 2024. “There’s one resolution (to the semiconductor chip scarcity)”, she added. “Congress must act and go the Chips Invoice. I do not know why they’re delaying.”
The laws goals to ramp up U.S. semiconductor manufacturing to offer the USA extra of a aggressive punch in opposition to 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 reduction package deal a 12 months in the past earlier than it was signed into legislation, marking a signature achievement of Biden’s first 12 months in workplace.

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