US ready to end tariffs on Chinese imports: Biden

The announcement will startle Donald Trump. On Monday, US President Joe Biden said in Tokyo that he was considering lifting tariff barriers for China, stressing that they had not been imposed by his administration.

“We did not impose these tariff barriers,” he said when asked by the press about the possibility of lifting them, adding that their lifting was “under study”.

These remarks come as US Treasury Secretary Janet Yellen said last Wednesday that certain tariffs introduced under former US President Donald Trump on imports from China “make hurt American consumers and businesses and are not very strategic.”

“They don’t address the real issues we have with China, whether it’s supply chain vulnerabilities, national security issues or other unfair trade practices,” the secretary said. State speaking to the press before a meeting of G7 finance ministers in Germany.

$350 billion in imports

U.S. tariffs on $350 billion in imports from China will automatically expire on July 6, if no companies ask to keep them, and the Biden administration is under pressure to remove them due to record inflation in the USA. The main employers’ federation (US Chamber), companies as well as international trade experts have been calling for months to ease or even eliminate these measures, arguing that they are hard hitting small businesses that do not have sources of supply. alternative.

“We are having these discussions” on the future of customs tariffs, added Janet Yellen.

The former Republican president had taken these measures in retaliation for Chinese trade practices deemed “unfair”, denouncing the “theft” of intellectual property or the “forced” transfer of technology.

In Davos, the IMF defends globalization

These remarks intervene then the IMF will defend globalization in Davos and urge countries not to give in to the temptation of protectionism.

“As policymakers and business leaders head to Davos, the global economy faces perhaps its biggest test since World War II,” International Monetary Fund Managing Director Kristalina said on Sunday. Georgieva, and the number 2 of the institution, Gita Gopinath, in a blog they co-author with the director of strategy, Ceyla Pazarbasioglu.

The meeting will be largely dominated by the war in Ukraine and its share of consequences, including the global food crisis.

There is a “significantly increased risk of geo-economic fragmentation”, underline the officials of the IMF, opposing to it the benefits of globalization.

“Over the past three decades, flows of capital, goods, services and people have transformed our world, aided by the diffusion of new technologies,” they write.

“These forces of integration have boosted productivity and living standards, tripling the size of the global economy and lifting 1.3 billion people out of extreme poverty,” they continue.

Lowering customs barriers would alleviate shortages

Today, that progress is under threat as the war in Ukraine has been accompanied by sanctions and restrictions. The IMF notes that since the start of the war in Ukraine on February 24, some 30 countries have restricted trade in food, energy and other essential raw materials. Yet, “strengthening trade to build resilience” is essential. Lowering trade barriers would alleviate shortages and lower prices for food and other commodities. The IMF also recommends that countries and companies diversify their imports to guarantee their supply “and preserve the enormous advantages of global integration for companies”.

‘(With AFP)