FX.co ★ US to drop Trump's China tariffs

US President Joe Biden has already reversed a number of the Trump administration's policies during his first year in office. Curiously enough, he has left tariffs on China’s goods in place. However, with inflation soaring to record levels, Biden is ready to warm up the relations with China.

He has already asked his Commerce secretary to look at options for lifting some tariffs on China. Biden believes that this move will help fight inflation. The news about the possible removal of a number of tariffs was personally announced by US Secretary of Commerce Gina Raimondo. She told journalists that "we are in the process of doing that for him [Biden] and he will have to make that decision."

Raimondo reckons that it is quite reasonable to lift tariffs on things like bicycles and household goods. Nevertheless, she added that the Biden administration would keep duties on steel and aluminum in order to protect US workers and industries.

Trade tariffs on $370 billion worth of goods from China were introduced by Donald Trump, who unleashed a trade war between the two states.