Removal Of US Tariffs On Chinese Goods To Benefit Whole World - Chinese Commerce Ministry

Removal of US Tariffs on Chinese Goods to Benefit Whole World - Chinese Commerce Ministry

The removal of extra tariffs imposed on Chinese goods by the United States would meet interests of consumers around the world given the current inflation rate and would benefit both Washington and Beijing, Chinese Commerce Ministry spokeswoman Shu Jueting said on Thursday

BEIJING (Pakistan Point News / Sputnik - 12th May, 2022) The removal of extra tariffs imposed on Chinese goods by the United States would meet interests of consumers around the world given the current inflation rate and would benefit both Washington and Beijing, Chinese Commerce Ministry spokeswoman Shu Jueting said on Thursday.

On Tuesday, US President Joe Biden said that his administration may review the Trump-era trade tariffs imposed on Chinese imports to counter inflation.

"In the current conditions of high inflation, the removal of extra tariffs on Chinese goods by the United States meets fundamental interests of American consumers and businesses, and is beneficial to the US, China and the whole world," Shu said at a press briefing.

The spokeswoman added that Chinese and US trade teams are currently maintaining normal communication.

In January 2020, the Trump administration and the Chinese government signed a two-year trade deal known as Phase One. Under the agreement, Washington retained 25% tariffs on Chinese goods worth about $250 billion per year and 7.5% tariffs on goods worth $120 billion. China, in turn, pledged to purchase $75 billion worth of US industrial goods, $50 billion worth of energy, $40 billion worth of agricultural products and up to $40 billion in services.

In December 2021, Beijing said it had made enough efforts over the two years to fulfill the deal despite the COVID-19 pandemic and expressed the hope that Washington would also endeavor to create favorable conditions for further development of bilateral trade.