Biden mulls dropping tariffs on China
Category: News & Politics
Via: vic-eldred • 2 years ago • 11 commentsBy: Madeleine Hubbard (Just The News)
S E E D E D C O N T E N T
President Joe Biden on Monday said he is "considering" lifting tariffs the Trump administration imposed on China.
His announcement comes after Treasury Secretary Janet Yellen said last week that she is pushing for the Biden administration to eliminate some tariffs on China because they seem to harm the consumer more than address issues with the nation's Communist rival, according to Reuters.
A reporter asked Biden during a Toyko press conference with Japanese Prime Minister Fumio Kishida about the treasury secretary's remarks.
"I'm talking with the Secretary when we get home. I am considering it," Biden said.
"We did not impose any of those tariffs. They were imposed by the last administration, and they're under consideration," he noted.
Former President Donald Trump started imposing tariffs on Chinese products in 2018. About two-thirds of imports from China to the United States face up to 25% in tariffs, The Washington Post reported.
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The same China that used cheap labor to hijack our manufacturing sector, steal our technology secrets and gave the world covid.
The CCP has been a great DC lobbyist...especially when it came to the Bidens.
So does rampant inflation but the Biden Administration isn't doing a damn thing about that. I guess we see where their loyalties lie.
As a tariff has three basic functions: to serve as a source of revenue, to protect domestic industry, and to remedy trade distortions, I think that the tariffs imposed by the Trump administration have failed the citizens in this time of inflation. They do serve as a source of revenue for the federal government by raising the prices that people may for the products. Domestic industry did not pick up the slack of everything that comes from China and people are still buying those items but at a higher price with the fees going to the feds. Due to Covid shutdowns, domestic industry took a huge hit, and also due to covid lockdowns China locked down so many of it's factories and shipping ports that trade was much lower than before.
All in all, I think those tariffs are no longer doing what they need to do and removing them won't make a huge change. And it's another feather in the cap of Biden in that it's another piece of Trump that he can point to and say "he eliminated that".
As most everyone knows the tariffs on products from China or anywhere else are paid for by the importer of record and that cost is passed on in the form of higher costs to the consumer of the product...
That and the hundreds of millions of dollars that the US government paid to farmers to cover their losses due to the tariffs imposed if the tariffs are dropped it's a win win for the US consumer and exporter.
So you prefer cheaper prices to American Union jobs?
Where did you pull that comment out of?
Eliminating the tariffs that will lower the cost of the product to the consumer which in turn fights inflation and help the millions that are struggling with the growing cost of products. Most of us think that is a good thing, but for some it's confusing, pay grade and all that.
In turn, if we lower or eliminate the tariffs it may in turn cause China to lower theirs as well which would benefit our exports, including farmers. Again most would think that is a good thing.
What union jobs are you talking about, do you have a list of those that would be affected?
We lost manufacturing and millions of jobs to China because they had cheap labor and could charge less.
You can't grasp that concept?
I grasp the concept quite well, it seems that it's a bridge way too far for you to comprehend.
Carry on.
I guess Richard Nixon needed a better seer.
Wasn't it George Bush who granted China MFN status in 1980?
Congress under Bush2 granted China PNTR.
Under pressure from Congress Clinton signed a trade law in2001 paving the way for
China to join the WTO and they took great advantage of it.
So it isn't some new issue you can blame Obama or Biden for.
Trump's tariffs were largely wrong headed and are destined to be reversed
to older rates.
40 Years of US-China Commercial Relations - China Business Review
Both sides take part of the blame. That includes boomers who bought cheap foreign cars.
I notice you left out Bill Clinton:
Glad to agree on something
So everyone reacting to decades of recessions, depressions and inflation
weren't within their right to buy the cars they liked or could afford or had the best gas
mileage? Really? You want buy American to be codified?
By the way do you consider a Mercedes made in Alabama a foreign car?
Hyundai's built in Montgomery Alabama?
Then I suggest you actually read what I wrote.