US President Joe Biden has instructed the administration to explore the possibility of removing import duties from China on a range of goods to combat inflation. This was stated by the US Secretary of Commerce Gina Raimondo. TASS With a link to CNN.
Emphasizing that the final decision on this issue belongs to the American president, the Minister said, “Actually, the president asked us and his team to analyze it, and we are doing it.”
He noted that “removing tariffs on household goods or bicycles may make sense, but tariffs on steel and aluminum protect the country’s workers and are part of a host of national security issues.
US Department of Commerce in March decided Reinstate import duty exemptions for 352 goods imported from China.
Trade duties on $370 billion worth of goods from China were set by Biden’s predecessor, Donald Trump, who started a trade war with China.
Later in January 2020, the parties agreed on the first phase of the trade agreement. In the first and second years of the agreement, the PRC agreed to increase its product purchases from the United States by $76.7 billion and $123.3 billion, respectively.