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US Treasury Secretary Janet Yellen: Jointly cut US and China tariffs against inflation
If the United States and China were to cut tariffs on both sides, that could curb inflation. US Treasury Secretary Janet Yellen said. But the US has no plans to unilaterally lower or abolish the tariffs imposed under former President Donald Trump. Yellen reiterated that the US still expects China to buy additional US goods worth 200 billion dollars (more than 173 billion euros).
Under Trump, the US started a trade war with China that led to a series of tariffs on both sides. Finally, in February last year, an agreement was reached to cancel part of it in exchange for, among other things, China’s additional purchase of American products.
Yellen emphasizes that import duties have a price-increasing effect, especially in the country that has to pay them. This price increase is passed on to consumers and businesses. Tariffs on things that are in high demand due to the rapid recovery of the economy after the corona crisis, such as steel and aluminum, could lower inflation.
The US Treasury Department still sees the current rising inflation as the result of supply problems due to greater demand than supply of certain goods. In the second half of next year, supply and demand should become more balanced again and inflation should also decrease, according to the expectation in Washington.
netherlandsnewslive.com
If the United States and China were to cut tariffs on both sides, that could curb inflation. US Treasury Secretary Janet Yellen said. But the US has no plans to unilaterally lower or abolish the tariffs imposed under former President Donald Trump. Yellen reiterated that the US still expects China to buy additional US goods worth 200 billion dollars (more than 173 billion euros).
Under Trump, the US started a trade war with China that led to a series of tariffs on both sides. Finally, in February last year, an agreement was reached to cancel part of it in exchange for, among other things, China’s additional purchase of American products.
Yellen emphasizes that import duties have a price-increasing effect, especially in the country that has to pay them. This price increase is passed on to consumers and businesses. Tariffs on things that are in high demand due to the rapid recovery of the economy after the corona crisis, such as steel and aluminum, could lower inflation.
The US Treasury Department still sees the current rising inflation as the result of supply problems due to greater demand than supply of certain goods. In the second half of next year, supply and demand should become more balanced again and inflation should also decrease, according to the expectation in Washington.
Yellen: Jointly cut US and China tariffs against inflation - Netherlands News Live
Photo: ANP If the United States and China were to cut tariffs on both sides, that could curb inflation. US Treasury Secretary Janet Yellen said. But the US has no plans to unilaterally lower or abolish the tariffs imposed under former President Donald Trump. Yellen reiterated that the US still...
netherlandsnewslive.com
