There’s a quick move President Joe Biden could make to immediately help relieve the stress the pandemic-related supply chain crisis is having on US companies: Lift the tariffs imposed by former President Donald Trump.
Trump put tariffs on roughly $350 billion of Chinese-made goods — and despite the change in administrations, those duties remain in place. American importers have paid more than $106 billion to cover the cost of those levies to date, and many of them are now facing skyrocketing shipping costs.
While the Biden administration has been conducting a comprehensive review of the US-China trade policy, it has said little about restarting trade talks or lifting punitive duties. Now the pressure on the Biden administration to address the issue is ramping up, as supply chain problems are getting worse —
resulting in shortages and higher prices for everything from sneakers to furniture to cars. “Tariff relief is a fast and easy way to help companies hurt most by the shipping crisis stay in business and keep people employed,” said Steve Lamar, president, and CEO of the American Association of Apparel and Footwear. The trade association sent a letter to the office of the US Trade Representative last week imploring the administration to provide relief from the tariffs. READ MORE
