White House reportedly considering changing US tariffs on China after Pelosi’s risky visit to Taiwan

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White House reportedly considering changing US tariffs on China after Pelosi’s risky visit to Taiwan

White House reportedly considering changing US tariffs on China after Pelosi’s risky visit to Taiwan

Beijing’s response to Pelosi’s trip to Taiwan last week reportedly prompted a reassessment of the policy by administration officials, who are said to be eager to… 08/11/2022, Sputnik International

2022-08-11T02:52+0000

2022-08-11T02:52+0000

2022-08-11T02:52+0000

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Biden administration officials have revised their thinking on whether to remove some tariffs or perhaps impose new ones on Beijing in light of China’s military exercises in Taiwan, Reuters reported on Wednesday. Citing sources familiar with the secret discussions, the report revealed that the administration has put those options on hold for now. In an effort to reduce the rate of inflation, President Joe Biden’s team has been experimenting for months with different strategies to reduce inflation. the costs of levies imposed on Chinese imports under his predecessor Donald Trump, the sources said. The White House reportedly considered a number of options, including removing some tariffs, beginning a new “Section 301” investigation in potential areas. for additional tariffs and the expansion of a list of tariff exclusions to help US companies that can only source specific supplies from China. According to the White House, Biden has not decided on the matter and all of his options are still open. The tariffs increase the cost of Chinese imports for US companies, which raises the price of goods for consumers. Ahead of the November midterm elections, which could give Republicans control of one or both houses of Congress, bringing down inflation is indeed a number one priority for Biden. And amid the backdrop of intensifying political campaigning in the US, Chinese ballistic missile launches and military exercises have taken place on Taiwan, which China claims is part of its territory. However, according to Saloni Sharma, a White House spokesman, prior to the recent events in the Taiwan Strait, the President had not made a decision, and has not made one yet. Notably, in an earlier interview with Bloomberg TV, when asked why a decision was taking so long, Gina Raimondo, the commerce secretary, cited the challenging geopolitical environment. According to Reuters, the administration’s considerations have been made more difficult by a number of factors in addition to China’s stance on Taiwan. US officials considered removing some of the tariffs, but Beijing reportedly rejected a request for a reciprocal rollback. The unilateral lifting of some US tariffs on Chinese imports, according to the sources, has been delayed in part because China has shown no willingness to reciprocate or honor commitments in the “Phase 1” trade deal. A spokesman for the Chinese embassy in Washington told Reuters in turn that there were “serious” difficulties in economic and trade relations between the two nations. According to the report, Biden has been eager to cut tariffs in part because labor is a crucial constituency for him and because China has not bought the goods it has promised to buy under the 2020 deal on tariff reductions. So far, the White House has refrained from providing a timeline for when a decision would be made. The Trump administration had granted tariff exemptions to more than 2,200 import categories, including many essential chemicals and industrial components, but they were scheduled to expire as soon as Biden took office in January 2021. Only 352 of them have been reinstated by the US. Trade Representative Katherine Tai. She was reportedly pressured by business organizations and more than 140 US politicians to greatly increase the numbers. be the theft of American intellectual property.

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Beijing’s response to Pelosi’s trip to Taiwan last week reportedly prompted a reassessment of the policy by administration officials, who are said to be keen to avoid taking any action that China might interpret as escalating. and at the same time avoid being perceived as backing down in the face of Beijing’s toughening. position towards the island nation.

Biden administration officials have revised their thinking on whether to remove some tariffs or perhaps impose new ones on Beijing in light of China’s military exercises in Taiwan, Reuters reported on Wednesday.

Citing sources familiar with the secret discussions, the report revealed that the administration has put those options on hold for now.

In an effort to curb the rate of inflation, President Joe Biden’s team has been experimenting for months with different strategies to reduce the costs of levies imposed on Chinese imports under his predecessor Donald Trump, the sources said.

The White House has reportedly considered a number of options, including removing some tariffs, beginning a new “Section 301” investigation into potential areas for additional tariffs, and expanding a list of tariff exclusions to help American companies. that you can only get specific supplies from China.

According to the White House, Biden has not commented on the matter and all his options remain open.

Tariffs increase the cost of Chinese imports for US companies, driving up the price of goods for consumers. Ahead of the November midterm elections, which could give Republicans control of one or both houses of Congress, bringing down inflation is indeed a number one priority for Biden.

And amid the backdrop of intensifying political campaigning in the US, Chinese ballistic missile launches and military exercises have taken place in Taiwan, which China claims is part of its territory.

“I think Taiwan has changed everything,” said one of the cited sources.

Still, according to White House spokeswoman Saloni Sharma, prior to the recent events in the Taiwan Strait, the president had not made a decision, and still has not.

“Nothing has been shelved or put on hold, and all options are still on the table,” Sharma said. “The only person who will make the decision is the president, and he will make it based on what is in our interest.”

Notably, in an earlier interview with Bloomberg TV, when asked why a decision was taking so long, Gina Raimondo, the commerce secretary, cited the challenging geopolitical environment.

“After Speaker Pelosi’s visit to Taiwan, it’s particularly complicated. Therefore, the president is weighing her options. He is very cautious. He wants to make sure we don’t do anything that hurts American workers and workers,” she said.

According to Reuters, the administration’s considerations have been made more difficult by a number of factors in addition to China’s stance on Taiwan. US officials considered removing some of the tariffs, but Beijing reportedly rejected a reciprocal rollback request.

The unilateral lifting of some US tariffs on Chinese imports, according to the sources, has been delayed in part because China has shown no willingness to reciprocate or honor its “Phase 1” trade deal commitments.

A spokesman for the Chinese embassy in Washington told Reuters in turn that there were “serious” difficulties in economic and trade relations between the two nations.

“The visit has undermined the political foundation of China-US relations and will inevitably cause great disruption to exchanges and cooperation between the two sides,” said Liu Pengyu.

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According to the report, Biden has been eager to cut tariffs in part because labor is a crucial constituency for him and because China hasn’t bought the goods it had agreed to buy under the 2020 tariff-cutting deal.

So far, the White House has refrained from providing a timeline for when a decision would be made.

The Trump administration had granted tariff exemptions to more than 2,200 import categories, including many essential chemicals and industrial components, but they were scheduled to expire as soon as Biden took office in January 2021. Only 352 of them have been reinstated by the US. Trade Representative Katherine Tai. She has reportedly been pressured by business organizations and more than 140 US politicians to significantly raise the numbers.

Trump imposed tariffs in 2018 and 2019 on hundreds of $370 billion worth of products from China in an effort to pressure China for what he claimed was theft of American intellectual property.

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