[Asia Economy Reporter Song Seung-seop] It has been reported that U.S. President Joe Biden has postponed the decision to lift the high tariffs imposed on Chinese products.
According to major local media on the 8th (local time), President Biden reviewed the exemption plan for the high tariffs imposed on China during former President Donald Trump's administration but delayed the final decision. Since taking office, President Biden has not modified the high tariffs on China, a representative policy of the Trump administration known as America First, because China is considered a strategic and economic competitor of the United States.
However, voices calling for lowering tariffs on Chinese products have begun to emerge this year to curb soaring consumer prices in the U.S. Moreover, calls from the international community and import industries to lift the high tariffs are also increasing. It is reported that within the Biden administration, opinions were presented that lifting the high tariffs could help suppress inflation.
Nevertheless, the reason for holding off on tariff relief is attributed to political considerations. It is a strategic decision aimed at winning the midterm elections in November. Local media also analyze that introducing policies favorable to China or Chinese President Xi Jinping at this time before the elections could disadvantage the Democratic Party.
Meanwhile, anti-China sentiment among Americans remains high even after the Trump administration ended. The U.S. and China continue to clash over issues such as Taiwan sovereignty, human rights within China, and territorial disputes in the South China Sea.
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