President Joe Biden should not lift tariffs on China, former Trump administration trade adviser Peter Navarro decried on Newsmax, calling it "insane."
Circulating reports on July Fourth show that the president is preparing this week to raise tariffs on China imposed by the Trump administration in an effort to reduce inflation in the United States. Yet, due to The Wall Street Journal, "economists say removing Chinese tariffs isn't likely to have a dramatic impact on inflation, however," there is a possibility it could lower inflation anywhere from .26% to 1%.
Speaking with "Eric Bolling The Balance," Navarro states, "we worked really hard to put those tariffs on China cause they screw us. They screw American workers. They screw American businesses."
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"And by the way," he goes on, "when Donald Trump put those tariffs on, it didn't cause an iota of inflation. We had the most stable economy ... of any in the last 50 years."
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Navarro went on, if Biden removes the tariffs, it will bolster China's economy, which could incentivize the nation in the East to reinforce its military. This comes at a time of significant posturing from China toward Taiwan. Navarro further mentions how China has assisted Russia in evading sanctions. And this comes at the same time after a majority of Western countries, including the United States, have levied sanctions against Moscow for Russia's attack on Ukraine.
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"This is insane," Navarro summed.
Meanwhile, United States Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He discussed economic matters including international trade and supply chains, as the Biden administration considers lowering tariffs on Chinese goods to tame increasing inflation.
In a virtual meeting with her Chinese counterpart on Tuesday, Yellen “frankly” raised concerns regarding China’s “unfair, non-market” economic policies and Russia’s war against Ukraine, the US Treasury Department announced in a statement.
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The two sides further discussed the global economic outlook amid growing commodity prices and food security challenges throughout the call, which the Treasury Department described as “candid and substantive” and part of efforts to “maintain open lines of communication”.
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“The comments from Yellen don’t seem to go much beyond what US officials have said previously,” James Laurenson, director of the Australia-China Relations Institute, explained to Al Jazeera.
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“The issue is what the US is going to do beyond just repeating the same accusations. Plenty of trade law scholars argue there’s considerable scope for seeking redress at the WTO but the US seems unenthusiastic towards the institution. But more unilateral sanctions won’t change Chinese policies and nor will they win the US plaudits even from close allies like Japan and Australia, who remain committed to the WTO and its processes.”
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