Connect with us

Hi, what are you looking for?

News

All options on table in China tariff review, US trade official says

KJPARGETER-FREEPIK

WASHINGTON – The Biden administration is considering “all options” as it reviews potential changes to U.S. duties on Chinese imports, including tariff relief and new trade investigations in a shift of focus to strategic concerns with Beijing, Deputy U.S. Trade Representative Sarah Bianchi said on Thursday.

Ms. Bianchi told Reuters in an interview that the agency is seeking to address long-term challenges from China and “getting a tariff structure that really makes sense.”

“We’re looking at everything and what we’re focused on is making sure that we have again, a long term realignment of the relationship with China, focusing on some of the concerns … such as non-market practices and economic coercion,” Ms. Bianchi said.

U.S. President Joe Biden has said he is considering removing some of the tariffs imposed on hundreds of billions of dollars worth of Chinese goods by predecessor Donald Trump in 2018 and 2019 amid a bitter trade war between the world’s two largest economies. His administration is seeking ways to cool inflation, and industry groups have called for tariff cuts to reduce costs for businesses and consumers.

While an initial round of tariffs on $50 billion worth of strategic and industrial goods from China resulted in a so-called Section 301 investigation of Beijing’s misappropriation of U.S. technology, dueling rounds of retaliation heaped U.S. duties on $300 billion more of imports, including consumer products, from bicycles to apparel to Bluetooth devices.

U.S. Treasury Secretary Janet Yellen has argued that some duties hurt consumers and should be removed, while U.S. Trade Representative Katherine Tai has argued that the tariffs should be considered as part of an overall strategy to push China to meet its trade commitments and end abusive economic practices. Read full story.

China has also been arguing that tariff reductions would cut costs for American consumers. China’s ambassador to the United States Qin Gang has said the tariffs “not only hurt China, but hurt America.”

Ms. Bianchi, asked whether the tariff decision could result in both removal of some tariffs on consumer goods and launching a new investigation into China’s industrial subsidies and other practices, said: “Everything is on the table right now.”

She said that USTR has provided some relief from the China tariffs by reinstating 352 expired product-specific exclusions from the duties of up to 25%. Read full story More than 140 members of Congress have called for the list to be expanded. Read full story

USTR is conducting a statutory four-year review of the Section 301 tariffs that could last for several more months. The agency is collecting comments from industry participants in two batches, ending July 5 and Aug. 22. Read full storyReuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Follow us on Spotify BusinessWorld B-Side The Filipino workforce is gradually adapting to a work environment that has been changed forever due to the pandemic....

News

The Department of Environment and Natural Resources (DENR) has given recognition to volunteers and partners who had significant contribution to the cleanup and rehabilitation...

News

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories...

News

Former client, Jennifer Pacquing on her experience with Planning for Canada services. Planning for Canada – Planifier pour le Canada (PfC) is pleased to...

News

Windmills are seen in Pililia, Teresa, Rizal province on April 25. — PHILIPPINE STAR/ MICHAEL VARCAS THE INCOMING Marcos administration should consider the full...

News

THE PHILIPPINE central bank should deliver more aggressive rate hikes in order to curb inflation that is now expected to reach 5% this year,...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.