US President considers lifting tariffs on some Chinese goods
US President Joe Biden. (Photo: AP)
Speaking during his visit to Tokyo on May 23, US President Joe Biden said it was considering lifting tariffs on some Chinese goods implemented under former President Donald Trump.
Tax on the number import goods China’s billions of dollars worth of tariffs are set to expire in July, and Mr. Biden faces growing calls for them to be lifted to help cool inflation, which is at a record high in more than 40 years. five.
Mr Biden’s comments came after Treasury Secretary Janet Yellen said last week that tariffs on some goods introduced under Mr Trump may have had more of an impact on US consumers and businesses. and has little effect on solving problems from the Chinese side.
The US president also said that a recession in the US is avoidable, but there are economic implications for US consumers. The cessation of taxation may have some cooling effect on inflation by lowering the prices of imported goods.
Mr. Biden also announced that 13 countries have joined a new Asia-Pacific trade initiative initiated by the US, although there are still issues with the effectiveness of the agreement.
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