Former US president Donald Trump imposed tariffs in 2018 and 2019 on thousands of imports from China.
Trump summoned his top economic advisers to his private golf club in New Jersey for a two-hour dinner last Wednesday night to map out a trade-focused economic plan for his 2024 presidential bid, the Washington Post reported on Tuesday. “Combining a sweeping tariff tax on the middle class with more trickle-down tax welfare for rich special interests would stifle economic growth and fuel inflation,” White House spokesman Andrew Bates said.
In May, a top US official told Reuters the US is taking an analytical approach to its review of whether to keep tariffs on Chinese goods in place and will not base outcomes on any “breakthrough” in US-China trade relations. Biden has sought to stabilise the intense US-China rivalry through high-level official engagement. But at recent fundraising events the president has called its economy a “ticking time bomb” and referred to its leader Xi Jinping a dictator.
Source: Financial Digest (financialdigest.net)
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