Via the South China Morning Post:
- US Treasury Secretary Janet Yellen on Wednesday confirmed she is advocating within the Biden administration for eliminating some tariffs on Chinese imports that “aren’t very strategic” but are hurting US consumers and businesses.
- Yellen told a press conference ahead of a G7 finance ministers and central bank governors’ meeting that internal discussions are under way about the punitive “Section 301” tariffs imposed by former US president Donald Trump on hundreds of billions of dollars in Chinese goods.
The post adds that Yellen faces some resistance within the Biden administration:
- While Yellen has argued for removing some of the tariffs, the sources said US Trade Representative Katherine Tai prefers to keep them in place to develop a more strategic China trade agenda that protects US jobs and China’s behaviour in global markets. This approach could even include new strategic tariffs.
