www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Global EditionASIA 中文雙語Fran?ais
World
Home / World / Americas

US treasury chief: Some China tariffs could be lifted soon

By ZHAO HUANXIN in Washington | chinadaily.com.cn | Updated: 2022-06-09 10:48
Share
Share - WeChat
US Treasury Secretary Janet Yellen testifies before a House Ways and Means Committee hearing on President Biden's proposed 2023 US budget, on Capitol Hill in Washington, on June 8, 2022. [Photo/Agencise]

US Treasury Secretary Janet Yellen said Wednesday that Washington is looking to rescind some tariffs on Chinese imports "in the coming weeks", the first time the Biden administration has offered a timeline for the rollback of the duties to help rein in surging inflation.

"This administration inherited a set of 301 tariffs imposed by the Trump administration that I think really weren't designed to serve our strategic interests," Yellen said during testimony to the House Ways and Means Committee.

Former US president Donald Trump launched a trade war with China in 2018, slapping additional tariffs on more than $300 billion worth of Chinese imports, citing Section 301 of the US Trade Act of 1974.

Yellen told lawmakers that the US needs to address China's "unfair trade practices", but some of the tariffs ended up being paid by Americans by straining consumers and businesses.

"We are taking a look at those and looking to be able to address, to reconfigure those tariffs in a way that would be more strategic," the treasury chief added.

Prompted for a timeline by Jackie Walorski, a US representative from Indiana, Yellen said, "I think in the coming weeks, we expect; I can't give you a firm timeline, but with respect to the exclusion process and tariffs, that's something that's under active consideration."

Walorski, a Republican, is among more than 140 US lawmakers who wrote a letter in late January to call on US Trade Representative (USTR) Katherine Tai to revive and expand a tariff-exclusion process on Chinese goods to help US manufacturers and workers.

During the testimony, Walorski said that inflation in the US has reached a 40-year peak, and in seeking to provide relief for it, she and many of her colleagues on the House Ways and Means Committee pushed for a "robust" Section 301 exclusion process for the majority of the time those tariffs were in place.

"The administration's policies have given us climbing gas prices, persistent supply chain bottlenecks, workforce shortages and surging inflation. The need for relief has never been greater," she said.

The US Bureau of Labor Statistics is expected to release the May consumer price index (CPI) on Friday.

In April, US consumer inflation increased by 8.3 percent from a year ago. In March, the US logged a CPI of 8.5 percent, the largest 12-month increase since the period ending December 1981, according to the bureau.

To understand the deflationary impact of tariff reductions, Megan Hogan and Yilin Wang, both research analysts at the Peterson Institute for International Economics (PIIE) in Washington, said they estimated that cutting the China tariffs could eventually lead to about 1 percentage-point reduction in inflation.

Gary Hufbauer, a former US treasury official and nonresident senior fellow at the PIIE, said US President Joe Biden's "problem from hell" is inflation, on which he has to take "concrete" steps to show concern.

Biden said during a trip to Asia late last month that reducing tariffs imposed on China was "under consideration".

"Business firms that use Chinese components are lobbying hard for exclusions and just outright repeal. That's a strong force within Congress and making itself felt in the White House," Hufbauer said.

The USTR has most recently provided some relief from the China tariffs by reinstating 352 expired product-specific exclusions from the duties of up to 25 percent.

The office is conducting a statutory four-year review of the initial Section 301 tariffs it imposed on Chinese imports and has been collecting industry comments on the first batch of Chinese industrial imports valued at $34 billion at the time from May 7 until July 5.

Asked if Yellen's talk of a timetable may have considered the time for the mandatory review, Hufbauer said, "The timing of the Sec 301 reviews is coincidental. But much broader exclusions might be part of the answer."

He estimated that "whatever action" will come between June and August before the mid-term elections in November.

Liu Pengyu, spokesperson for the Chinese embassy in Washington, said a World Trade Organization expert panel had ruled that the United States' Section 301 tariffs on Chinese products were in breach of its WTO obligations.

"The fact is that imposing tariffs has harmed both sides over the past few years, and much of the hurt has been passed on to their own companies and consumers," he said.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 亚洲 欧美 日韩中文字幕一区二区 | 成人欧美视频 | 成人在线视频免费观看 | 国产三级久久久精品三级 | 久久国产一片免费观看 | 黄a视频 | 亚洲欧美v视色一区二区 | 免费特黄一级欧美大片 | 天天鲁天天爱天天鲁天天 | 欧美日韩亚洲国内综合网俺 | 成人免费影院 | 男人看片网址 | 久久精品人人爽人人爽快 | 国产韩国精品一区二区三区 | 一级做a爰片久久毛片唾 | 久久精品一级 | 亚洲男人的天堂网 | 国产理论视频在线观看 | 国产女人在线观看 | 亚洲日本欧美综合在线一 | 4四虎44虎www在线影院麻豆 | 日韩欧美国产精品第一页不卡 | 草草影院ccyycom | 亚洲精品精品一区 | 国产精品hd在线播放 | 欧美另类色 | 久久成人免费播放网站 | 久久久影院 | 国产精品18久久久久久vr | 一级毛片一级毛片a毛片欧美 | 久9视频这里只有精品 | 久久黄网站 | 亚洲aⅴ | 中文字幕乱码中文乱码51精品 | 免费国产一级 | 在线观看欧美一区 | 又粗又爽又色男女乱淫播放男女 | 毛片在线视频观看 | 免费被黄网站在观看 | 亚洲精品影院一区二区 | 欧美福利一区二区三区 |