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U.S. may reduce tariffs on China to curb inflation

The United States may reduce or reduce tariffs on China to curb inflation U.S. apparel industry supports transparent China tariff review American Apparel & Footwear Association…

The United States may reduce or reduce tariffs on China to curb inflation

U.S. apparel industry supports transparent China tariff review

American Apparel & Footwear Association On March 29, 2022, (AAFA), the American Free Trade Alliance (AFT) and more than 100 industry associations sent a letter to U.S. Trade Representative (USTR) Trade Representative Katherine Tai, urging full transparency on the Section 301 tariffs imposed on Chinese products. Review.

AFT’s letter calls for a comprehensive economic assessment of the impact of tariffs on U.S. businesses, workers, farmers, and consumers, and asks the U.S. Trade Representative to share its review of tariffs. Plan, including timing and opportunities for stakeholder input.

The letter mentioned, “Since President Trump first imposed Section 301 tariffs on products from China nearly 4 years ago, all parties, including members of our alliance, have U.S. importers have been assessed nearly $130 billion in tariffs.”

“As you are aware, Tariff List 1 is set to expire in July unless the USTR receives a request to continue imposing tariffs, which we know is almost certain to occur. Such a request would trigger a review process under the regulation, requiring the USTR to review the effectiveness of the tariffs in achieving their objectives and other actions that may be taken, as well as the impact of such actions on the U.S. economy, including consumers.” USTR only needs to review List 1, but we call on USTR to include all four tariff lists in the review scope. [Note: Chinese textiles and garments exported to the United States are included in Tariff List 3 (effective date 2018.9.24) and taxable respectively. List 4A (effective date 2019.9.1)]

White House advisers suggest that the United States can reduce China tariffs to combat inflation

According to press sources, White House Deputy National Security Advisor Daleep Singh said on April 21 that the United States has the opportunity to readjust Section 301 tariffs in order to advance “real strategic priorities.” . This could mean limiting tariffs to goods related to basic technology, national security or critical supply chains.

Singh pointed out that some of the US tariffs on China Tariffs “lack strategic purpose.” At present, inflationary pressure in the United States continues to rise. The United States can consider reducing tariffs on non-strategic goods, such as bicycles or clothing, imposed on Chinese exports to the United States, to help curb price increases. Although the Trump administration has Imposing additional tariffs may create some bargaining chips, but such taxes actually have no strategic purpose, not to mention that China can also retaliate by imposing taxes on similar U.S. goods.

Singh believes that the United States can use tariffs to strengthen certain higher-priority strategic purposes, such as strengthening supply chains and maintaining U.S. advantages in basic science and technology. “As for products that are not involved in these goals, there are a lot of them-think list 3 or 4A. –At least to me, its strategic purpose is not obvious, and there is no sufficient reason to maintain the additional tariffs.”

U.S. Treasury Secretary Janet Yellen accepted Bloomberg TV on the 22nd During the interview, he said that the U.S. government is carefully studying its trade strategy with China and that canceling the additional tariffs on Chinese goods exported to the United States is “worth considering.” White House Press Secretary Jen Psaki said at a regular press conference on April 25 that Biden The government is carefully studying the impact on inflation of the tariffs imposed by former President Trump’s administration on Chinese imports to the United States. Psaki did not disclose the possibility of reducing tariffs on China in the short term, but said that rising inflation “is certainly something we are considering.” question”.

USTR launches review of Section 301 tariffs imposed on China

Prospects for at least some easing of tariffs on Chinese products appear to be improving. According to applicable laws, unless the affected US domestic industries request an extension of the tariffs, the tariffs will expire in four years. The deadlines for Section 301 tariffs on List 1 and List 2 goods are set for July 6 and August 23 this year respectively. day.

On May 3, USTR announced that it would review the additional Section 301 tariffs of List 1 and List 2 of Chinese imported goods. The USTR said that representatives of U.S. domestic industries that have benefited from these tariffs can submit requests for the continuation of these tariffs, and the USTR will review the tariff measures once it receives a request to extend the tariffs.

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