The US Will Drop China Tariffs To Ease Inflation Pressure

As the US is facing the most serious inflation challenge since the early 1980s, the Biden government said they would drop some of the tariffs imposed against Chinese imports to help control rising consumer prices in the U.S.

The Trump Administration began levying tariffs on goods exported from China, starting in early 2018, and then had an impact on American consumers. To offset the new costs from the tariffs, firms were raising their prices on domestic goods, which reduced the real income of American households. The tariffs have indeed hurt both U.S. industry and workers although the original purpose was to protect American industry. With China’s retaliatory tariffs on U.S. exports which has further hurting American firms and workers. China’s situation is not optimistic,either. Lots of orders and producing facilities were transferred to other Asian countries such as Vietnam,India thanks to the high tariff amid US- China. Which has led to the decrease in per capita income and manufacturing employment in China.

The White House is reviewing the penalties imposed under former President Donald Trump — which raised prices on everything from diapers to clothing and furniture — and could opt to remove them altogether, Biden said in addressing the nation from Washington on Tuesday. That is to say,Consumer goods that are directly related to people’s lives may become the preferral. In general, if the corresponding additional US tariffs on China are canceled, general equipment, special machinery and instrumentation in the machinery sector; electrical equipment in the power equipment and new energy sector; black appliances in the home appliance sector; Devices; medical devices in the pharmaceutical sector; auto parts, passenger cars and commercial vehicles in the automotive sector will benefit from this actions.

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