On Tuesday, it was reported that President Joe Biden is close to lifting a suite of Trump-era tariffs on Chinese products. Allegedly, it will cover $10 billion of imported goods. Some of his political allies are arguing that he should not.
The announcement could come this week and will happen amidst low polling for Biden on the economy. Many families are having a hard time with inflation and are being forced to dig into their savings. According to the Washington Examiner, the White House has not made a decision yet.
To combat this, Secretary of State Antony Blinken is set to meet with his Chinese counterparts a meeting in Bali. In addition China has expressed concerns at the tariffs over a phone call to Treasury Secretary Janet Yellen on Monday reportedly. She held a virtual meeting with Chinese Vice Premier Liu He.
“The Chinese side expressed concern about issues such as the United States canceling tariffs and sanctions on China and fair treatment of Chinese enterprises,” the Treasury department said.
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Biden has now spent weeks scrapping tariffs to control inflation. Sources tell Politico that Biden plans to lift some of the tariffs on Chinese imports.
Texas Rep. Kevin Brady criticized the move as a “political gimmick.” He talks about it at the 30 second to 01:30 mark on CNBC.
Biden is now looking for more ways to boost his polling before the incoming November midterms.
U.S. Trade Representative Katherine Tai has has argued that Biden should not get rid of Trump’s tariffs and that it will have a small effect on inflation.
“With respect to short-term challenges, there’s a limit to what we can do with respect to, especially inflation,” she added during recent congressional testimony.
Tai says that China has failed to meet its deliverables in negotiations and has pushed to look at Trump’s Phase One trade deal again.
It’s apparent that Biden is trying to make this a priority so that he can get some gimmicks off before the midterms. The Democrat party isn’t looking too hot right now. Will you be voting Republican or Democrat?
