[ad_1]
But Biden’s tariff announcement last month left in place punitive duties of up to 25 per cent on hundreds of billions of dollars’ worth of other Chinese imports, from toys to internet routers, which were imposed by Trump in 2018 and 2019 under a Section 301 investigation into China’s misappropriation of US intellectual property.
“Given that China has not done anything, really, to address those concerns, we thought it was inappropriate to remove those tariffs,” Yellen said.
Asked about Trump’s proposals to impose a 10 per cent tariff on all goods imported into the US, and 60 per cent or more on Chinese goods, Yellen said they “would affect all of our trade partners and all of our trade.”
“And I believe that is a substantial enough program that it would both raise costs to consumers broadly on all the imports they buy and harm American businesses, many of whom rely on imported goods for their supply chains,” she said. “It would significantly raise their costs.”
[ad_2]
Source link