Industry organizations, hard-working unions, and U. S. companies have consistently urged the U. S. government to read up on the feasibility of maximum price lists for goods coming from China.
However, the review, which the Joe Biden administration has extended time and again, dragged into its fourth year on Monday. During the process, the Biden administration has neither disclosed anything regarding the progress of the review or its findings, nor has it set a deadline for its conclusion.
Americans for Free Trade, a coalition of U. S. businesses, industry organizations and personnel against price lists, on Tuesday suggested to the Office of the U. S. Trade Representative that it release the effects of the revision “immediately,” saying the revision would result in the U. S. trade being overturned. High price lists for one of America’s largest trading partners.
Their appeal comes after the USTR announced last week a further extension, until May 31, 2024, of reinstated COVID-related exclusions in China’s Section 301 investigation, which were set to expire on Dec. 31 last year, without giving any indication of when. The revision of the price lists imposed on imports of thousands of types of Chinese products would be completed. COVID-related exclusions include medical products such as masks, exam gloves, and hand sanitizer wipes.
What the AFT said in its report reflects the call by the majority of the U. S. business network for the USTR to end the tariff policy initiated during the previous administration in an effort to gain an advantage in the second phase of the trade negotiations that were to take place. position with Beijing.
Rather than scrapping the tariffs on taking office, the Biden administration has kept them in place, which, as the AFT said, has led to more dislocation, inefficiencies and job losses.
International Monetary Fund Managing Director Kristalina Georgieva warned on Tuesday that the U. S. -China rivalry could reduce global economic output by 7 percent, roughly equivalent to the annual output of France and Germany, causing economic fragmentation that would increase the burden. of Commerce.
In that sense, his warning that “it would be better for all of us to squander tactics to reduce friction and focus on protection issues that are genuine and meaningful” will not fall on deaf ears. economy” simply means that everyone ends up “with a smaller pie. “
If the US lifted the tariffs, it would not only give a shot in the arm to the world’s top two economies steadying their ties, but also help inject positive energy and certainty into the global economy, which is in desperate need of a restorative tonic.