US President Joe Biden has directed the administration to examine options for trimming or removing import duties on a broad set of Chinese goods as a potential move to curb inflation. This point was outlined by the US Secretary of Commerce, Gina Raimondo, who stressed that the ultimate decision rests with the president. The administration is conducting a thorough analysis, with the president asking his team to assess the potential effects across industries and families alike. (Reuters)
The commerce secretary stressed that while eliminating tariffs on everyday items such as household goods or bicycles could be beneficial, tariffs on steel and aluminum are framed as protective measures for American workers and are tied to national security considerations. The administration is weighing both economic relief and strategic protections in its evaluation. (Reuters)
Earlier in the year, the Department of Commerce announced a move to reinstate import duty exemptions for 352 goods imported from China, signaling a more targeted approach to tariff policy as market conditions evolve. (Reuters)
Historically, trade duties on hundreds of billions of dollars in Chinese goods were introduced during the previous administration as part of a broader trade confrontation with China. Those duties have shaped supply chains, manufacturing costs, and consumer prices across multiple sectors in the United States. (Reuters)
The trade framework shifted in the months that followed, culminating in a first phase trade agreement. In the initial two years of that agreement, the People’s Republic of China pledged to increase its US product purchases by roughly 76.7 billion dollars in the first year and about 123.3 billion dollars in the second year, reflecting a push to balance bilateral trade dynamics. (Reuters)