Beyond undermining the rules-based international trading system, the tariffs that Donald Trump’s administration imposed on Chinese imports in 2018, and China’s retaliatory tariffs on US goods, are hurting American households and firms. President Joe Biden’s failure to reverse them could end up costing him next year’s election.
NEW YORK – At their recent summit in San Francisco, US President Joe Biden and Chinese President Xi Jinping agreed on a few important issues. Notably, the two countries will resume military-to-military communication, thereby reducing the chances of an accidental conflict, and China will do more to restrict the export of chemicals used to make the powerful synthetic opioid fentanyl – a major cause of death in the United States. But there is one crucial area where progress remained elusive: tariffs.
NEW YORK – At their recent summit in San Francisco, US President Joe Biden and Chinese President Xi Jinping agreed on a few important issues. Notably, the two countries will resume military-to-military communication, thereby reducing the chances of an accidental conflict, and China will do more to restrict the export of chemicals used to make the powerful synthetic opioid fentanyl – a major cause of death in the United States. But there is one crucial area where progress remained elusive: tariffs.