Another Trump policy destroyed, another win for Communist China.
Joe Biden’s administration is considering providing tariff exemptions for more than 500 products made in China — a potential boon to corporations who continue offshoring to the communist country.
This week, United States Trade Representative (USTR) Katherine Tai said the administration would continue to preserve tariffs on hundreds of billions of dollars worth of Chinese products first imposed by former President Donald Trump.
But above all else, we must defend – to the hilt – our economic interests.
That means taking all steps necessary to protect ourselves against the waves of damage inflicted over the years through unfair competition.
— Ambassador Katherine Tai (@AmbassadorTai) October 4, 2021
Tai, considered one of the only economic nationalists in Biden’s globalist-centric cabinet, said the administration would begin a “targeted tariff exclusion process” that will review whether more than 500 Chinese-made products should be excluded from tariffs.
Such tariff exclusions for some corporations with Chinese-made products expired in January after the Trump administration issued a number of exemptions, including for products like the Apple Watch and thousands of other products made in China.
Former USTR Robert Lighthizer, in an op-ed this week, outlined a series of innovative trade actions to “achieve greater balance” with the U.S. billion-dollar trade deficits.
For example, a 10% tariff could be applied to all imports. If the deficit did not go down in a couple of years, the tariff would be increased to 20% for several more years. If this did not have the needed effect it might go up to 30%.
As of 2018, U.S. free trade with China has eliminated at least 3.4 million American jobs since 2001. In August, the U.S. trade deficit was a record $73.3 billion.
Author: Sebastian Hayworth