Eliminate tariffs on China to help ease inflation, two dozen business groups tell Biden

in a letter To Biden officials dispatched on Friday, business groups warned that tariffs on China and retaliatory levies are hurting American businesses and families by increasing costs.

“These costs, compounded by other inflationary pressures, place a significant burden on American businesses, farmers and families trying to recover from the effects of the pandemic,” the business groups wrote in the letter, which was signed by the Business Council. China-United States. , the US Chamber of Commerce, the Business Roundtable, and other business groups.

“We agree with Secretary Yellen’s recent comments that tariffs tend to increase domestic prices and increase costs for consumers and businesses due to higher cost inputs and that lower US and Chinese tariffs could help alleviate inflation, “the letter reads.

Business groups urged Biden officials to cut “harmful” Section 301 tariffs, noting that American importers have paid more than $ 110 billion in these tariffs since they began under former President Donald Trump, including $ 40 billion during the Biden administration.

The letter also calls for “immediate action to significantly expand” the tariff exclusion process. Business groups said they appreciate the US Trade Representative restarting a Section 301 tariff exclusion process, but cautioned that “the scope and retroactivity are too narrow” given the negative impact of the tariffs and “their inflationary pressures. “.

in a speaks In October, US Trade Representative Katherine Tai noted that the Biden administration will take a tough approach to China and hold Beijing accountable for delivering on the promises it made in the Phase One trade deal.

“For too long, China’s failure to adhere to global trade rules has undermined the prosperity of Americans and others around the world.” Tai said. “It is increasingly clear that China’s plans do not include meaningful reforms to address the concerns that have been shared by the United States and many other countries.”

The business groups said they support the Biden administration’s initial China’s trade policy priorities, including implementing China’s existing commitments to the Phase One trade deal and working to address long-standing structural concerns.

The letter also highlights human rights concerns and national security concerns related to China.

“Our organizations agree that forced labor and other human rights abuses should have no place in supply chains, and our members work to prevent forced labor in supply chains in China and around the world.” the letter said. “We also support specific export controls on sensitive technologies that safeguard US national security, but also preserve US technology leadership, carefully consider overseas availability, and are implemented in conjunction with other supplier governments.” .

Reference-www.cnn.com

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