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Tags: president biden | inflation | china tariffs | u.s. trade | trump

Biden's Plan to Eliminate China Tariffs 'Plain Wrong'

Biden's Plan to Eliminate China Tariffs 'Plain Wrong'
President Joe Biden speaks as he meets virtually with Chinese President Xi Jinping from the Roosevelt Room of the White House in Washington, Nov. 15, 2021. (AP)

By    |   Tuesday, 07 June 2022 02:08 PM EDT

President Biden's plan to lift tariffs on Chinese goods to alleviate inflation for American consumers, would put U.S.-China trade at an irrevocable disadvantage, analysts say.

"The amount of negative impact this will have will last decades, if not forever, [and] turn the tide of competition with China in favor of China," Bob Bilbruck, CEO of consultancy Captjur tells the New York Post.

"What Biden is suggesting by overturning the tariffs to help with inflation is just plain wrong."

Furthermore, experts say, eliminating the tariffs gives the Biden administration no assurances that Chinese manufacturers will lower prices of the goods they export to the U.S.

As Bilbruck explains: "It's not going to help with the highest inflation areas, like gas and food — and there is no guarantee the Chinese are going to lower prices on goods they produce and export to us just because we have lowered the tariffs on these products. They might just keep prices the same and take the money that was going into tariffs and add it back as margin [to] cushion their bottom line."

Former President Donald J. Trump imposed the tariffs to level the U.S.-China trading field. Bilbruck says they have been successful in "keeping China in check."

If Biden eliminates the Trump-era tariffs, it would "allow China [to gain] back full control of the import and export market, thus strengthening their country and weakening the U.S. further in this area," the trade consultant says.

Speaking on one of the Sunday morning political news programs, Commerce Secretary Gina Raimondo said Biden is not currently considering removing tariffs on steel and aluminum, but that "it may make sense" to eliminate tariffs on "household goods, bicycles, etc."

Salvatore J. Stile, head of customs brokerage Alba Wheels Up, told the Post he thinks Biden's idea might not work since Chinese manufacturers have been feeling the inflation and supply-chain price pinch, just like U.S. manufacturers and other factories throughout the world. So, that also does not guarantee lower prices on Chinese goods for U.S. consumers, Stile said.

"So, at the end of the day, it could be a zero-sum gain, only benefiting Chinese factories, once again."

 

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StreetTalk
President Biden's plan to lift tariffs on Chinese goods to alleviate inflation for American consumers, would put U.S.-China trade at an irrevocable disadvantage, analysts say.
president biden, inflation, china tariffs, u.s. trade, trump
358
2022-08-07
Tuesday, 07 June 2022 02:08 PM
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