US Treasury Secretary Janet Yellen announced that US President Joe Biden’s administration is seeking to “rewrite” tariffs imposed on Chinese goods during the era of former US President Donald Trump and make them more “strategic.” The US Treasury, according to Bloomberg.
“The administration has inherited a set of 301 tariffs imposed by the Trump administration that I believe were not designed to serve our strategic interests,” she said during a speech at the Capitol, referring to section 301 of the 1974 Commerce Act, which Trump China, and began imposing customs tariffs on it in July 2018, after an investigation found that China had stolen intellectual property from US companies and forced them to transfer technology.
Yellen said that despite China’s “violations of unfair trade practices that the United States must fight and protect its national security interests,” some of the current tariffs have hurt American consumers and businesses.
Source: El Nashra