Removing tariffs under administration consideration.
A group of nine senators has urged President Biden to “substantially maintain” tariffs on Chinese imports that were put in place by former President Trump, saying that “the tariffs are not a driver of today’s inflation.”
Referring to a deal President Trump made with Beijing, the senators wrote, “Rolling back the tariffs on China would undermine the U.S. position in negotiations, expose many U.S. companies and workers to a sudden flood of imports, and signal to China that waiting out the United States is preferable to changing their non-market behavior or complying with the Phase One Agreement.”
During his just-concluded trip to Asia, President Biden said he was mulling removing tariffs on Chinese goods, saying they “were imposed by the last administration, and they’re under consideration.”
“The tariffs are not a driver of today’s inflation,” the bipartisan group of senators said in their letter. “Not only do the tariffs predate the current inflation by over three years, but Chinese imports make up only 2 percent of goods included in the Consumer Price Index (CPI) and would not materially reduce inflation,” they wrote.
“Rather than lifting the tariffs, the United States should use the enforcement tools guaranteed by that agreement to make clear that we are serious about rectifying its violations,” the group stated. “We need to make clear to China that dialogue leads to commitments—and failure to adhere to these commitments is followed by robust enforcement.
The group of senators who signed the letter to the president was comprised of Sherrod Brown of Ohio, Bob Casey of Pennsylvania, Elizabeth Warren of Massachusetts, Mike Braun of Indiana, Kevin Cramer of North Dakota, Jim Inhofe of Oklahoma, Rob Portman of Ohio, Mitt Romney of Utah, and Rick Scott of Florida.
As the Lord Leads, Pray with Us…
- Members of the Senate as they provide the president with information and suggestions on trade policy.
- For the president and his advisors as they evaluate lifting the tariffs on Chinese goods.
- For Trade Representative Tai as she assesses the impact of imports on inflation.
Sources: Newsmax, Reuters, Market Watch
