Biden Considering Removal of Section 301 Tariffs
Washington, DC, June 15, 2022-President Biden is closing in on a decision to lift some tariffs on Chinese imports, as he looks for ways to address record inflation and grapples with pressure from labor unions to keep the sanctions in place, reports the Wall Street Journal.
“Mr. Biden is expected to make a final decision in the coming weeks on whether to extend the levies imposed by former President Donald Trump, according to administration officials.
“White House press secretary Karine Jean-Pierre said Tuesday that no decision has been made, but also bashed some of the levies as ill-considered.
“‘We have said from the beginning, some Trump tariffs were irresponsible, and did not advance our economic or national security and instead raise costs for families and businesses,’ she told reporters traveling with the president.
“Administration officials including Treasury Secretary Janet Yellen have expressed openness toward easing the tariffs. Ms. Yellen told a House committee last week that the administration was considering reconfiguring tariffs to ease inflation, since the levies are paid by U.S. businesses and consumers.
“The Trump administration invoked Section 301 of the Trade Act to impose about $360 billion in annual tariffs on Chinese imports over four separate actions in 2018-19.”