U.S. weighs option to roll back China tariffs to ease inflation

U.S. Treasury Secretary Janet Yellen and the Senior Economic Official in Beijing, Vice Premier Liu He of China, met earlier this week to discuss ways to decrease inflation and balance the global economy. The conversations were initiated by the United States, according to readouts from both parties. These talks come on the heels of a Wall Street Journal report that the Biden administration may soon remove certain tariffs on Chinese goods as soon as this week.

China is discussing ways to boost the economy and fix the supply-chain problems. The biggest issue businesses currently face is a lack of supply and a hike in the price of raw materials.

During the conversation, U.S. Treasury Secretary Janet Yellen, and China’s Vice Premier, Liu He, spoke candidly over a call. China is not interested in lifting all tariffs or sanctions, though, as there is a fear that Chinese companies are not being treated fairly. Bloomberg also reported this Monday that Biden will likely roll back tariffs imposed on China to boost economic growth and bring those goods back to the U.S.

In 2018, President Donald Trump launched a trade war with China that affected $34 billion worth of Chinese imports. There was a trade truce initiated in January 2020, but tension remained. 

Did you enjoy this article? Read other articles on CBT News here. Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at newsroom@cbtnews.com.