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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.