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BEIJING, July 7 (TMTPOST)— China made another call on removing additional tariffs levied in Trump era as the Biden administration was weighing to give tariff relief to tackle its top priority inflation.
Source: Visual China
China, as always, believes that to life all the U.S. additional tariffs on Chinese goods will be benefit to both the two countries and the whole world, Shu Yuting, a spokesperson at the Ministry of Commerce, commented recent reports about the White House’s consideration of easing tariffs on China at Thursday’s regular press. To roll back all the tariffs would play a meaningful role in taming U.S. inflation, Shu cited estimates from many think tanks and research institutes in both China and America. Under the elevated inflation, the earlier tariffs removed, the better for American consumers and businesses, Shu noted.
Shu stressed that China and the U.S. should work together to create environment and conditions for economic and trade cooperation, preserve stability of the global trade and industrial supply chain, and bring benefit to the two countries as well as their people. The spokesperson also revealed China’s Vice Premier Liu He expressed concerns on possible eliminating tariffs in his virtual call Tuesday with the U.S. Treasury Secretary Janet Yellen.
Shu’s remarks came as reports earlier this week disclosed the U.S. government could only take modest action on removal of tariffs on China. President Joe Biden is probably to announce lift tariffs on Chinese imports worth of $10 billion this month, just a tiny out of about $370 billion goods imposed by his predecessor Trump, The Politico cited officials familiar with the matter. In order to bring down inflation, Biden could decide to give a “modest” list of tariff suspensions on imports from China “pretty soon”, and some of reports indicated the affected size is expected to be about $10 billion, Clete Willems, a former deputy director at the National Economic Council, told CNBC.
Such rollback of tariffs will not have big impact on taming down inflation in the near term, William Reinsch, the Scholl chair in international business at the Center for Strategic and International Studies (CISS), commented on the reported duty removal of $10 billon. “No matter what he does, both sides will be unhappy,” the expert said. “Business will say it"s too little, and labor will say it"s too much.”
