Joe Biden is reportedly near a decision to lift a range of tariffs on Chinese goods imposed during the Trump administration. Reports on Tuesday indicated an announcement could come as soon as this week that around $10 billion in imports could be removed from the import taxes.
The White House is expected to promote lifting the tariffs as a means of reducing consumer prices for American families struggling to deal with exploding inflation.
There is a significant amount of diplomatic activity ongoing regarding the existing tariffs. Biden’s Secretary of State Antony Blinken was scheduled to meet with Chinese officials in Bali this week during a meeting of the “Group of 20” foreign ministers.
A Chinese trade diplomat spoke with Biden’s Treasury Secretary Janet Yellen on Monday to express his nation’s concerns about the ongoing tariffs.
As Biden is expected to announce the lifting of some tariffs, it is reported the administration will also lay out a new process for importers to apply for tariff exemptions.
The White House has been searching for measures that can ease price inflation as polling numbers are increasingly grim for Democrats with the November midterm elections approaching.
When President Donald Trump initiated the tariffs, many U.S. industries benefited and American jobs were bolstered. China manipulated its currency to a lower value so that it could continue selling consumer goods in the U.S. at pre-tariff prices. President Trump also gave manufacturers incentives to return production to the U.S. with federal tax modifications.
On Tuesday, President Trump issued a statement sharply criticizing the move by Biden to remove tariffs on Chinese imports.
Trump wrote that lifting the tariffs would be a “terrible mistake.” He noted that they have returned billions of dollars previously lost in international trade back to the U.S. and have made industries like domestic steel viable once again.
Trump said that lifting the import taxes “would be the greatest gift that China could ever receive.” He also said it would provide a clear signal internationally that the U.S. is “weak, ineffective, and doing BUSINESS AS USUAL.”