The Biden 301 Tariffs
==========
The Biden administration is conducting a tariff review on China, repeating the actions of the Trump administration. However, trade policy towards China is largely for show. In 2017, the Trump administration applied broad tariffs on Chinese goods without considering whether Chinese producers benefited from predatory policies. The point of these tariffs is unclear, as overall American goods imports increased from $2.36 trillion in 2017 to $3.27 trillion in 2022. In 2023, US goods imports fell, mostly due to a decrease in imports from China. However, other factors, such as Beijing lifting zero-Covid restrictions, also contributed to the import drop. Direct goods imports from China have underperformed compared to the rest of the world since 2018, but indirect imports have risen as companies diversify their supply chains. Chinese-made goods are often shipped through third countries or labeled as de minimis shipments to avoid tariffs. The Biden administration's new tariffs only cover $18 billion in imports and are largely preemptive, targeting products affected by China's industrial policy and anticompetitive practices. The administration has not addressed transshipment, de minimis shipments, or Chinese-owned factories in third countries. Former Trump administration officials have proposed high duties for Chinese vehicles made in Mexico and an overall tariff of 10 percent, but these measures are ineffective. To address Chinese abuse, tariff-rate quotas and harsh sanctions for violations could be implemented. These steps would be more than theater.
#Tariffs #China #TradePolicy #BidenAdministration
https://www.aei.org/foreign-and-defense-policy/the-biden-301-tariffs/
American Enterprise Institute /
npub14z…4fwd3
2024-05-14 19:16:50
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wss://relay.nostr.band/allPublished at
2024-05-14 19:16:50Event JSON
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"content": "The Biden 301 Tariffs\n==========\n\nThe Biden administration is conducting a tariff review on China, repeating the actions of the Trump administration. However, trade policy towards China is largely for show. In 2017, the Trump administration applied broad tariffs on Chinese goods without considering whether Chinese producers benefited from predatory policies. The point of these tariffs is unclear, as overall American goods imports increased from $2.36 trillion in 2017 to $3.27 trillion in 2022. In 2023, US goods imports fell, mostly due to a decrease in imports from China. However, other factors, such as Beijing lifting zero-Covid restrictions, also contributed to the import drop. Direct goods imports from China have underperformed compared to the rest of the world since 2018, but indirect imports have risen as companies diversify their supply chains. Chinese-made goods are often shipped through third countries or labeled as de minimis shipments to avoid tariffs. The Biden administration's new tariffs only cover $18 billion in imports and are largely preemptive, targeting products affected by China's industrial policy and anticompetitive practices. The administration has not addressed transshipment, de minimis shipments, or Chinese-owned factories in third countries. Former Trump administration officials have proposed high duties for Chinese vehicles made in Mexico and an overall tariff of 10 percent, but these measures are ineffective. To address Chinese abuse, tariff-rate quotas and harsh sanctions for violations could be implemented. These steps would be more than theater.\n\n#Tariffs #China #TradePolicy #BidenAdministration\n\nhttps://www.aei.org/foreign-and-defense-policy/the-biden-301-tariffs/",
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