The US considers removing China’s punitive tariffs
Trucks carrying containers at Ningbo – Zhushan port in Zhejiang province, China. (Photo: Reuters)
The move comes as the world’s largest economy tries to bring down the escalating inflation rate.
US Treasury Secretary Janet Yellen said that information about the plan to remove import taxes on goods China will be announced in the “coming weeks”.
The US Treasury Secretary said China had “unfair trade practices”, but also acknowledged that the sanctions of the previous US administration were “not designed to serve the strategic interests” of the US. Washington.
Yellen said the Biden administration is looking to adjust the punitive tariffs in a more strategic way, and that some tariffs hurt American consumers and businesses, so it is necessary to is lifted.
Tariffs on goods imported from China were first imposed by the US in 2018 and gradually increased to impose about $ 350 billion in imports from China each year, in retaliation for accusations against China concerns intellectual property rights and technology transfer.
These tariffs will start to expire next July unless extended. Meanwhile, President Joe Biden is facing growing calls for tariffs to be lifted to help cope with the country’s highest inflation rate in more than four decades.
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