China reiterated on Thursday that removing additional tariffs on Chinese goods would be in the interests of U.S. consumers and businesses, after U.S. Treasury Secretary Janet Yellen pressed within the Biden administration for tariffs cuts.
In the face of high inflation, eliminating additional tariffs will benefit the U.S., China and the whole world, said Shu Jueting, spokesperson for China’s Ministry of Commerce (MOFCOM), during a press conference.
DCO Global News
Published on May 20, 2022
By Odoh Dominic Chukwuemeka
Acknowledging that tariffs on Chinese imports are harming U.S. firms and consumers, U.S. Treasury Secretary Janet Yellen said on Wednesday she is pushing for tariffs reductions within the Biden administration.
The U.S. consumer price inflation slowed slightly to 8.3 percent in April, but the annual inflation remains at its highest rate in 40 years.
Yellen said that tariff cuts may help in taming high inflation but have limitations. The main benefits go to consumers and firms, she added.
The United States Trade Representative announced earlier this month that it would conduct a review of the initial Section 301 tariffs it imposed on Chinese imports in 2018 under Donald Trump’s presidency.
By Odoh Dominic Chukwuemeka
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