Yellen agrees China import tariffs raise US prices
Print Edition
US Treasury Secretary Janet Yellen conceded that removing Donald Trump-era tariffs from Chinese imports “would make some difference” to stop rising prices in the United States.
“Tariffs do tend to raise domestic prices,” she said, but added that US trade representative Katherine Tai was “revisiting” the phase one trade deal with Beijing.
Last month the US trade representative’s office launched what it said would be “frank” talks with Beijing’s trade officials to discuss the “phase one” deal reached in 2020. Many of Trump’s tariffs on Chinese imports remain in place.
About two dozen US business associations have urged the Biden administration to reduce tariffs on Chinese goods to provide relief to Americans amid rising inflation pressures.
“Tariffs put in place continue to disproportionately cause economic harm to US businesses, farmers, workers and families,” the associations, led by the US-China Business Council, said in a letter to Tai and Yellen.
American importers have paid over US$110 billion for the so-called “Section 301” tariffs on Chinese goods, of which about US$40 billion has been assessed during the Biden administration, according to the letter on Friday.
“These costs, compounded by other inflationary pressures, impose a significant burden on US businesses, farmers and families trying to recover from the effects of the pandemic,” it added.
“We agree with Secretary Yellen’s recent comments that tariffs tend to increase domestic prices and raise costs to consumers and businesses due to higher cost inputs and that lowering US and Chinese tariffs could help ease inflation,” the letter said, urging the Biden administration to work toward removal of the tariffs on Chinese goods.
The other 24 business associations that signed the letter include the US Chamber of Commerce, the Business Roundtable, the National Retail Federation, American Farm Bureau Federation and the Semiconductor Industry Association.
Americans for Free Trade, a coalition of more than 150 industry associations united against tariffs, has also recently urged the Biden administration to remove tariffs on imports from China.
“As our nation continues to face concerns over rising prices and supply chain obstacles, it is time for Ambassador Tai and other members of the Biden administration to recognize that leaving the previous administration’s failed trade policies in place will only make the problem worse,” Americans for Free Trade spokesperson Jonathan Gold said.
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