During a recent question-and-answer session, Treasury Secretary Janet Yellen explained the Biden administration's stance on maintaining Trump-era tariffs on Chinese imports. Yellen emphasized that the decision was based on China's failure to address unfair trade practices highlighted in the Section 301 action.
Yellen stated that until China takes meaningful steps to rectify these practices, President Biden believes that lowering tariffs would not be appropriate. The tariffs, initially imposed by Trump on approximately $300 billion worth of Chinese goods, have been retained by the Biden administration. Additionally, following a comprehensive review by the US Trade Representative's Office, some rates on $15 billion of Chinese imports were increased.
