U.S. businesses want tariffs on Chinese goods removed
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🇨🇳 U.S. businesses want tariffs on Chinese goods removed.
The Biden Administration is considering extending the Trump-era tariffs which account for hundreds of billions of dollars in levies - and some businesses don’t like that. Businesses could be upset for a number of reasons, including the increased costs of imported goods from China, which in turn increased the costs for US businesses that rely on those goods. Many businesses had to absorb these costs, which led to decreased profits and in some cases even losses. The tariffs made Chinese goods more expensive for US businesses to purchase and use, which made them less competitive in the global market.
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President Joe Biden is advocating for a significant increase in tariffs on Chinese steel and aluminum imports, proposing to triple the current rates.