Economic news

Yellen says Biden’s China tariffs are strategic, Trump’s would raise costs

2024.06.20 13:10

By Rich McKay

ATLANTA (Reuters) – U.S. Treasury Secretary Janet Yellen on Thursday defended President Joe Biden’s increased tariffs on certain Chinese goods as highly strategic but said Republican presidential candidate Donald Trump’s tariff proposals would be much broader and raise costs for consumers.

Yellen told a news briefing in Atlanta that Biden’s new tariffs are aimed at protecting electric vehicles, solar energy products and semiconductors from excess Chinese capacity created by Beijing’s over-investment. The administration refuses to allow U.S. firms in these sectors “to be put out of business” by coordinated Chinese dumping of exports, she said.

Other countries are taking similar actions, Yellen said, noting this month’s G7 leaders statement opposing China’s industrial and business policies.

But Biden’s tariff announcement last month left in place punitive duties of up to 25% on hundreds of billions of dollars’ worth of other Chinese imports, from toys to internet routers, which were imposed by Trump in 2018 and 2019 under a “Section 301” investigation into China’s misappropriation of U.S. intellectual property.

“Given that China has not done anything, really, to address those concerns, we thought it was inappropriate to remove those tariffs,” Yellen said.

© Reuters. FILE PHOTO: Janet Yellen holds a news conference after a two-day Federal Open Market Committee meeting in Washington, U.S. December 13, 2017.  REUTERS/Jonathan Ernst/File Photo

Asked about Trump’s proposals to impose a 10% tariff on all goods imports into the U.S., and 60% or more on Chinese goods, Yellen said they “would affect all of our trade partners and all of our trade.”

“And I believe that is a substantial enough program that it would both raise costs to consumers broadly on all the imports they buy, and harm American businesses, many of whom rely on imported goods for their supply chains,” she said. “It would significantly raise their costs.”



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,585.41 0.09%
ethereum
Ethereum (ETH) $ 3,441.81 3.15%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 259.49 1.67%
bnb
BNB (BNB) $ 661.73 2.87%
xrp
XRP (XRP) $ 1.50 3.19%
dogecoin
Dogecoin (DOGE) $ 0.450034 7.51%
cardano
Cardano (ADA) $ 1.09 0.82%
usd-coin
USDC (USDC) $ 0.999957 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,440.98 3.20%
tron
TRON (TRX) $ 0.215487 4.13%
avalanche-2
Avalanche (AVAX) $ 42.73 1.97%
stellar
Stellar (XLM) $ 0.561791 30.34%
the-open-network
Toncoin (TON) $ 6.45 16.88%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 1.21%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,076.00 3.16%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,119.29 0.48%
polkadot
Polkadot (DOT) $ 9.44 34.84%
chainlink
Chainlink (LINK) $ 18.02 7.89%
bitcoin-cash
Bitcoin Cash (BCH) $ 524.30 4.32%
sui
Sui (SUI) $ 3.55 1.34%
weth
WETH (WETH) $ 3,440.65 3.08%
pepe
Pepe (PEPE) $ 0.000021 3.55%
leo-token
LEO Token (LEO) $ 8.62 1.21%
near
NEAR Protocol (NEAR) $ 6.44 4.30%
litecoin
Litecoin (LTC) $ 102.16 2.53%
aptos
Aptos (APT) $ 13.29 5.68%
uniswap
Uniswap (UNI) $ 11.00 7.60%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,625.44 3.22%
hedera-hashgraph
Hedera (HBAR) $ 0.157474 4.32%
internet-computer
Internet Computer (ICP) $ 11.94 7.50%
crypto-com-chain
Cronos (CRO) $ 0.20374 7.54%
usds
USDS (USDS) $ 1.00 0.73%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.592717 14.33%
ethereum-classic
Ethereum Classic (ETC) $ 30.33 3.98%
render-token
Render (RENDER) $ 8.00 5.10%
bittensor
Bittensor (TAO) $ 537.51 2.81%
kaspa
Kaspa (KAS) $ 0.156373 0.58%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 13.07%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.11%
bonk
Bonk (BONK) $ 0.000049 3.01%
arbitrum
Arbitrum (ARB) $ 0.884817 8.54%
cosmos
Cosmos Hub (ATOM) $ 9.27 20.54%
whitebit
WhiteBIT Coin (WBT) $ 24.80 0.56%
vechain
VeChain (VET) $ 0.044166 14.59%
filecoin
Filecoin (FIL) $ 5.87 19.84%
dai
Dai (DAI) $ 0.999824 0.11%
dogwifcoin
dogwifhat (WIF) $ 3.37 5.87%
mantra-dao
MANTRA (OM) $ 3.72 5.71%
blockstack
Stacks (STX) $ 2.12 5.32%