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Biden administration weighs ending some Trump-era China tariffs to fight inflation

Commerce Secretary Gina Raimondo told CNN on Sunday that the Biden administration is considering ending some Trump-era tariffs on Chinese goods to rein in inflation as Americans see rising prices as the country’s one of the most pressing issues.
Commerce Secretary Gina Raimondo testifies before the Senate Commerce Appropriations Subcommittee,… [+] Judicial, Scientific and Related Agencies Hearing Reviewing Expanding Broadband Access, Focusing on the Infrastructure Investment and Jobs Act “The Department of Commerce’s Broadband Plan, on Capitol Hill, February 1, 2022.”
In an interview with CNN’s Jake Tapper on the State of the Union, Raimondo said that President Joe Biden had asked Raimondo and other administration officials to analyze the cancellation of the Trump administration’s investigation of China. Possible plans for partial tariffs levied on imported goods.
Raimondo said the government had decided to maintain tariffs on steel and aluminum to protect the domestic steel industry, but added that raising tariffs on products such as household goods and bicycles “might make sense.”
Raimondo did not specify whether any tariffs would be removed, adding that Biden “has to make that decision.”
Tariffs imposed by former President Donald Trump on Chinese goods — part of a protectionist trade strategy aimed at reducing the United States’ reliance on imports — have been blamed for depressing U.S. stock prices and driving up the prices of consumer goods such as clothing and furniture.Beginning in 2018, Trump’s initial tariffs targeted steel and aluminum, with the U.S. accusing China of dumping global markets at low interest rates, leading to a supply glut.The tariffs were later expanded to target consumer goods such as clothing and sporting goods.In 2020, China signed a phase one trade deal with the Trump administration, under which it agreed to buy an additional $200 billion a year in U.S. goods in exchange for some easing of tariffs.The following year, Biden reversed some of his predecessor’s tariffs but imposed tariffs on more than $360 billion in goods.China’s apparent failure to meet the terms of the phase one deal could make it harder for a Biden administration to justify a sweeping easing of Trump-era tariffs.
With consumer prices soaring last year, inflation has become one of Americans’ top concerns: A May Pew Research Center poll found that 70 percent of U.S. adults see inflation as a very big problem With more than double the percentage of Americans who are racist, infrastructure issues, unemployment and the Covid-19 pandemic are very big issues.Monthly inflation slowed to 0.3% in April from 1.2% in March, above expectations for a 0.2% increase but below the record gain in headlines over the past eight months.Prices rose 8.3% in April from a year earlier, down from an 8.5% year-over-year increase in March and the first month-over-month decline since August 2021, according to the U.S. Bureau of Labor Statistics (BLS).U.S. natural gas prices fell 6.1% in April but rose to a record high of $4.848 a gallon on Sunday, according to the AAA.

Post time: Jun-16-2022