US rethinks steps on China tariffs in wake of Taiwan response: Report

WASHINGTON: China's war games around Taiwan have led Biden administration officials to recalibrate their thinking on whether to scrap some tariffs or potentially impose others on Beijing, setting those options aside for now, according to sources familiar with the deliberations.

The tariffs make Chinese imports more expensive for US companies, which, in turn, make products cost more for consumers. Bringing down inflation is a major goal for Biden, a Democrat, ahead of the November midterm elections, which could shift control of one or both houses of Congress to Republicans. "I think Taiwan has changed everything," said one source familiar with the latest developments in the process, details of which have not been previously reported."The president had not made a decision before events in the Taiwan Strait and has still not made a decision, period. All options remain on the table," the official said."The only person who will make the decision is the president – and he will do so based on what is in our interests.

The Biden administration's next steps could have a significant impact on hundreds of billions of dollars of trade between the world's two largest economies. Some senior administration officials, including Treasury Secretary Janet Yellen, had argued the duties were imposed on"non-strategic" consumer goods that had unnecessarily raised costs for consumers and businesses, and removing them could help ease rampant inflation. Tai argued the tariffs were"significant leverage" that should be used to press China for changes to its behavior.

That deal, reached at the end of 2019 with the Trump administration, required China to increase its purchases of US farm and manufactured goods, energy and services by US$200 billion in 2020 and 2021 over 2017 levels. China fell well short of these commitments, which included a US$77.7 billion two-year increase in imports of US manufactured goods, including aircraft, machinery, vehicles and pharmaceuticals.

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