US ‘actively considering’ China trade tariffs move, but need to find a balance

Biden administration needs to balance short-term price goals against the need to address unfair competition, says deputy US Treasury secretary Wally Adeyemo

Adeyemo’s comments come amid a debate over the merits of reducing some of the tariffs on Chinese imports as a way to ease high inflation

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Biden administration needs to balance short-term price reduction goals against the longer-term need to address unfair competition from China when considering whether to cut some tariffs on Chinese good, says deputy US Treasury secretary Wally Adeyemo. Photo: AP

Published: 10:07am, 1 Jun 2022Updated: 10:13am, 1 Jun 2022

Deputy US Treasury secretary Wally Adeyemo said on Tuesday that the Biden administration is considering whether to cut some tariffs on Chinese goods, but needs to balance short-term price reduction goals against the longer-term need to address unfair competition from China.

“We’re actively considering what we do with regard to those tariffs,” Adeyemo told CNN in a live interview.

“I think the important thing for every American to know is that the president is committed to doing everything we can to bring down costs in a sustainable way.”

Adeyemo’s comments come amid an intense debate within the Biden administration over the merits of reducing some of the Section 301 tariffs on hundreds of billions of dollars worth of Chinese imports as a way to ease high inflation.

The punitive duties of up to 25 per cent were imposed by the Trump administration in 2018 and 2019 amid a bitter trade war between the world’s two largest economies.

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