U.S. Secretary of Commerce Gina Raimondo said on Sunday that President Joe Biden had asked him to consider lifting some tariffs on China that were imposed by former President Donald Trump to combat the current high inflation.
“We’re looking into that. In fact, the president asked us to look into that. And we’re in the process of doing that and he’s going to have to make that decision,” Raimondo told CNN, when asked if the Biden administration was considering lifting tariffs. on China to alleviate inflation.
“There are other products – household items, bicycles, etc – and it might make sense” to weigh the lifting of tariffs on them, she said, adding that the administration decided to keep some of the tariffs on steel and aluminum to protect US workers and industry. steel.
Biden said he is considering removing some tariffs imposed on hundreds of billions of dollars of Chinese goods by his predecessor in 2018 and 2019, amid a bitter trade war between the world’s two biggest economies.
China has also argued that tariff reductions would lower costs for American consumers.
Raimondo also said he felt the shortage of semiconductor chips could likely continue into 2024.
“There is a solution (to the shortage of semiconductor chips),” he added. “Congress needs to act. I don’t know why they’re delaying.”
One proposal aims to increase semiconductor manufacturing in the US to give the country more competitiveness against China.