In this file:
· Biden Says Discussing Dropping US Trade Tariffs on China
· Two Reasons to Keep U.S. Tariffs on Chinese Imports
Biden Says Discussing Dropping US Trade Tariffs on China
Reporting by Jeff Mason and Steve Holland, Reuters
via U.S. News & World Report - May 10, 2022
WASHINGTON (Reuters) - President Joe Biden said on Tuesday discussions are ongoing about potentially dropping U.S. trade tariffs on China that were imposed by his predecessor, Republican Donald Trump.
"We're discussing that right now," Biden told reporters after a speech about inflation...
Two Reasons to Keep U.S. Tariffs on Chinese Imports
By Jenna Hoffman, AgWeb
May 10, 2022
Milken Institute in Los Angeles, Calif. hosted U.S. Trade Representative (USTR) Katherine Tai last week for a discussion with Host Kai Ryssdal on America’s current trade efforts in China, as well as the outlook for international trade.
In the first three months of the quarter, China’s GDP grew 4.8%, compared to the same period last year. However, with roughly 25 million Shanghai residents feeling the effects of a new lockdown, production is likely to be slow and ripple through the supply chain.
On April 27, 2022, China formally announced an extension for Section 301 retaliatory tariff exclusions on 11 agricultural products including alfalfa, whey and flour until Nov. 30, 2022. The announcement comes on the heels of China’s large sum purchases of U.S. corn, with its most recent purchase of 1.088 million metric tons.
While China imports U.S. commodities, trade liberalization continues to be USTR’s focus, according to Tai. She maintains the U.S. trade stance with China is “especially difficult”, but her team isn’t willing to play the increased tariff card, nor reduce them. However, she says those cards remain on the table.
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