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Yellen said cutting some tariffs on Chinese goods could ease price pressures

FILE PHOTO: US Treasury Secretary Janet Yellen answers questions during a Senate Appropriations Subcommittee hearing
FILE PHOTO: U.S. Treasury Secretary Janet Yellen answers questions during a Senate Appropriations Subcommittee hearing on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash / Pool via REUTERS // File Photo

December 2, 2021

By Alessandra Galloni and David Lawder

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Thursday that reducing tariffs under Trump on goods imported from China through a reinstated exclusion process could help ease some inflationary pressures, but won’t be a “game changer”.

Yellen told Reuters at the Next conference that she thinks tariffs of up to 25% on hundreds of billions of dollars in annual imports from China “contribute to rising prices in the United States.”

“And Trump’s tariffs have been introduced, some of which create problems without any real strategic justification,” she added.

Previous product-specific tariff exclusions for Chinese goods expired at the end of 2020, but U.S. Trade Representative Katherine Tai has introduced a new tariff exclusion process. target https://www.reuters.com/article/usa-trade-china -tariffs-idTRNIKBN2GV2CQ within the framework of her commitment to Chinese officials on the “Phase 1” trade agreement signed in early 2020.

Yellen cited the exclusion process among other steps the Biden administration is working to reduce price pressures on, including working with ports and private companies to untangle supply chains and keep products at bay. products to consumers.

“This is a process where tariffs can be lowered. And I think that can be helpful,” she said of the tariff elimination process. “Again, it’s not a game changer. But these are the things we are doing to try to mitigate these pressures.”

Yellen said she currently does not have a visit to China on her agenda, but hopes to continue engaging with her counterpart, Vice Premier Liu He, on a range of economic issues.

These include China’s technology activities, stock market, exchange rate practices, and efforts to rebalance China’s economy towards more private consumption.

The latter “could make a big contribution to mitigating global imbalances,” she said. These are all topics that we have discussed and I hope those conversations continue. ”

To watch the next Reuters conference, please register here https://reutersevents.com/events/next

(Reporting by Alessandra Galloni, David Lawder, Andrea Shalal and Daniel Burns; Editing by Andrea Ricci)

https://www.oann.com/yellen-says-cutting-some-tariffs-on-chinese-goods-could-ease-price-pressures/?utm_source=rss&utm_medium=rss&utm_campaign=yellen-says-cutting-some-tariffs-on-chinese-goods-could-ease-price-pressures Yellen said cutting some tariffs on Chinese goods could ease price pressures

Bobby Allyn

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