US-China Business Council urges tariffs cuts amid rising inflation, ahead of Biden-Xi meet
Ahead of Monday’s virtual meeting between US President Joe Biden and China’s leader Xi Jinping, the US-China Business Council, wrote Friday to US Trade Representative Katherine Tai and Treasury Secretary Janet Yellen, urging them to reduce tariffs on Chinese goods to provide relief to Americans amid rising inflation pressures, per Xinhua News Agency.
The US business groups said: "Tariffs put in place over the last several years continue to disproportionately cause economic harm to U.S. businesses, farmers, workers and families.”
Key takeaways from the letter
“American importers have paid over 110 billion US dollars for the so-called "Section 301" tariffs on Chinese goods, of which about 40 billion dollars has been assessed during the Biden Administration.”
"These costs, compounded by other inflationary pressures, impose a significant burden on American businesses, farmers and families trying to recover from the effects of the pandemic.”
Read: US Pres. Biden and China’s Pres. Xi to tackle Taiwan and nuclear build-up – Financial Times
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
