China reiterates call for tariffs cut after US official's statement

20 May '22

1 min read

Pic: Shutterstock

After US treasury secretary Janet Yellen called for tariffs cuts on Chinese products, China reiterated that removing additional tariffs would benefit US consumers and businesses. In the face of high inflation, eliminating additional tariffs will benefit the United States, China and the world, said Shu Jueting, spokesperson for China's ministry of commerce.

Acknowledging that tariffs on Chinese imports are harming US firms and consumers, Yellen said recently she is pushing for tariffs reductions within the Joe Biden administration.

Internal talks are under way about punitive Section 301 tariffs imposed under the Donald Trump administration on hundreds of billions of dollars of Chinese products, Yellen told a press conference ahead of a meeting of G7 finance ministers and central bankers.

The US consumer price inflation slowed slightly to 8.3 per cent in April, but the annual inflation remains at its highest rate in 40 years.

Yellen said tariff cuts may help in taming high inflation but have limitations. The main benefits go to consumers and firms, she added.

US trade representative Katherine Tai announced earlier this month that it would conduct a review of the initial Section 301 tariffs it imposed on Chinese imports in 2018 under Trump's presidency.

Fibre2Fashion News Desk (DS)

More United States Trade Representative News... More Textiles News - China...