The United States moves to reduce tariffs on Chinese goods
U.S. Trade Representative Katherine Tai said she did not believe any tariff move would have an impact on current price pressures.
During a recent congressional hearing, she told lawmakers that, “for short-term challenges, our capabilities are limited, especially on the issue of inflation.”
The Biden administration is considering a new investigation into Chinese subsidies and their damage to the U.S. economy. This is a way to put pressure on Beijing on trade.
While China’s economy has been affected by the covid-19-related social distancing, China’s exports to the U.S. in the first five months of this year rose 15.1 percent year-on-year, while imports rose 4 percent.
Tax policies under former President Donald Trump expire next month, prompting the U.S. to consider lowering taxes to keep inflation on hold.