The government of US President Joe Biden announced on Friday that parts of the tariffs placed on China by Washington during the administration of Donald Trump were scheduled to stop on July 6 and another part was supposed to end on August 23. However, both dates have passed.
The office of the US Trade Representative noted in a statement that the tariffs did not end on the fourth anniversary of their enactment.
It was planned for the harsh customs duties to vanish.
More than 300 American businesses, however, petitioned to preserve it as part of the measures, and the statement supporting the decision stated that local industry groups claimed that they had received many benefits from the commercial measures.
He continued by saying that some industries, for instance, encourage the Chinese government to discontinue the policies and practises that are the subject of customs processes or to permit them to compete with Chinese imports, invest in new technologies, boost domestic production, and hire more people.
According to the statement from the trade representatives, they emphasised that the move helped address unfair competitive practises brought on by China’s technology transfer laws and practises and support best policies and practises.
According to the statement, the US Trade Representative’s office would no longer examine these levies and take into account how they would affect businesses and the whole US economy, including consumer spending.
Prior to three further payments, a first wave of punitive customs taxes was imposed on July 6, 2018. These taxes apply to the big Asian nation’s annual imports at 350 billion dollars.
These actions were taken by Donald Trump as retribution for unfair trade practises by China. The coerced surrender of technology or the theft of intellectual property were both criticised by the former Republican president.
Furthermore, there was disagreement within the Joe Biden administration about whether to maintain these tariffs.
The restrictions placed on two lists of $200 billion and $126 billion worth of Chinese imports will end on September 24, 2022, and September 1, 2023, respectively.
The United States decides to keep its punishing tariffs against China.
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