Biden Loosening Trump’s Rein on the US-China Trade War. Who’s In Charge?
October 12, 2021 • 1 minute read
Subscribe to access the latest trends and insights in the logistics industry.
Since 2001, free trade with China has caused 3.4 million jobs to be lost in the United States, causing the Trump administration to start a trade war between the two nations. However, the Biden administration will begin a review of over 500 Chinese-made products to see if they are exempt from tariffs, which originated from the former Trump administration in 2018.
Katherine Tai, the current United States Trade Representative (USTR) has indicated tariff-exemptions will not be given out to products if it “will impact or result in severe economic harm ….[to] US interests, including the impact on small businesses, employment, manufacturing output, and critical supply chains.” With these measures in place, the tariffs will continue to work to balance out the US-China trade deficit that has grown to more than $73.3 billion USD.
Get the latest from GoFreight!
News, stories and ideas from GoFreight.