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• Biden has visited Japan to bolster ties with regional allies
• Yellen earlier said she is advocating within Biden administration for doing away with tariffs on Chinese imports
US President Joe Biden on Monday said he is weighing lifting tariffs on Chinese goods that were introduced by the Trump administration.
“I am considering it. We did not impose any of those tariffs. They were imposed by the last administration, and they’re under consideration,” Biden said during a news conference with Japanese Prime Minister Fumio Kishida.
Earlier on Wednesday, US Treasury Secretary Janet Yellen, at a press conference before meeting the finance officials of the Group of Seven (G7) countries, said the COVID-19 lockdown in China is hampering global supply chains, and a broader slowdown in growth could have global spillover effects.
She also said she is advocating within the Biden administration for doing away with the punitive “Section 301” tariffs imposed by former US President Donald Trump on hundreds of billions of dollars in Chinese imported goods.
“Some of them, to me, seem as though they impose more harm on consumers and businesses and aren’t very strategic in the sense of addressing real issues we have with China,” she said, referring to unfair trade practices and national security issues or supply chain vulnerabilities.
The Trump administration started imposing tariffs on Chinese goods in 2018, with around two-thirds of Chinese imports to the US being subject to 25% tariffs.
Biden, for the first time in his presidency, visited Japan on Friday for a four-day-long tour to bolster ties with regional allies and launch a new trade initiative, reinforcing partnerships with South Korea and Japan as well as reaffirming the region’s long-standing importance to US foreign policy—especially with regard to China.
Picture Credit: CBS News
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