R&I – TxPAT ***
The reasons to end the trade war with China keep piling up. Inflation is the latest case in point: American businesses and consumers, not Chinese exporters, are bearing the cost of Trump-era tariffs in the form of higher prices on made-in-China parts and products.
Yet, more than a year into the Biden administration, tariffs on Chinese goods, first imposed in 2018, are still in place on over $350 billion of imports from China.
It is past time for President Biden to remove the tariffs. The longer he fails to act, the deeper the harm to the United States.
In addition to fanning inflation, tariffs on Chinese goods have provoked retaliatory tariffs that have sharply reduced American exports to China, allowing other nations to move in on markets once dominated by the U.S. To offset the losses to farmers and other exporters, the U.S. government has paid out subsidies, adding to the U.S. budget deficit. At the same time, the tariffs have weakened the private sector in China and led to more state control over China’s supply chains, making the U.S. less secure.
The Biden administration’s unwillingness to remove the tariffs reflects muddled policymaking and political miscalculation.
One of the Exploited
Article URL : https://thehill.com/opinion/international/594767-the-longer-trumps-china-tariffs-are-in-place-the-greater-the-harm-to