According to a report, Joe Biden wants to rollback the tariffs imposed by Trump to reduce inflation. According to a statement from the US Treasury, US Treasury Secretary Janet Yellen and China’s Vice Premier Liu made substantive conversations on the call.
These talks have been done to reduce inflation and boost growth. Because at this time the whole world is troubled due to issues like inflation and supply chain.
The US Treasury Department issued a statement saying that this virtual meeting was done with the Chinese counterpart. So that we can express our concern with them about China’s unfair, non-market economic policies and Russia’s war against Ukraine.
Along with this, the challenges related to commodity prices and food security were also discussed. And the US Treasury Department also said that we also talked about maintaining open lines of communication.
It was said by the Chinese Ministry that China has expressed concern over the sanctions and tariffs imposed by the US against its companies.
Along with this, he said that China and America should work to strengthen the coordination of communication and macro policies.
The stability of global industrial chains and safeguarding the supply chain will benefit China, the United States and the whole world.
Biden’s administration is considering removing tariffs on $300 billion worth of Chinese imports. So that the product can be made available to the consumer at a low cost.
Biden said last month that he would soon speak to Chinese President Xi Jinping. And he is now thinking of removing the tariffs. The Biden administration said in May that it was going to review tariffs.
This process will expire in July. Industries which were benefiting from duties imposition. They will comment by July 6 and can also request for an extension.
Commerce Secretary Gina Raimondo said in an interview with CNN last month that the administration would impose tariffs on steel and aluminum.
But it is looking at removing tariffs on other items, such as household goods and bicycles. China’s economy seems to be shrinking in the second quarter due to Zero Covid Policy.