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XI’AN, China (Reuters) – Biden administration is unlikely to remove tariffs on Chinese goods in the short term, but Beijing and Washington could find common ground by increasing tariff exclusions between China and the United States, according to a report by the China Finance 40 think tank (CF40).
Tariffs are likely to remain in place as even supporters of free trade in the United States push for Washington to use tariff cuts as part of new trade talks with China, according to the CF40 report, a Chinese think tank that brings together regulators, universities and financial institutions.
But with the inflationary pressures facing the United States, Washington could seek to lower the bill through tariff exclusions, which would avoid resistance from the U.S. Congress and reduce political pressure, according to the report.
The Biden administration is conducting a comprehensive review of U.S.-China trade policy ahead of a deal slated to expire in late 2021.
The report notes that the US government still maintains additional tariffs on $ 370 billion of Chinese exports to the United States.
He also believes that the Biden administration is worried about the impact of China’s support to its tech sector and wants the United States to focus on its own aid to the same sector.
“Under the Biden administration, technological competition and confrontation between China and the United States in cyberspace will intensify and the possibility of parallel systems will increase,” the document said, according to which increased competition between the two countries is to plan around the creation of international rules for emerging technologies.
Democratic Majority Leader in the US Senate Chuck Schumer said on Friday that the Senate would consider a broad set of regulations on June 8 to strengthen the ability of the United States countries to compete with Chinese technologies.
(Cheng Leng in Xi’an and David Kirton in Shenzhen, French version Benjamin Mallet)
Copyright © 2021 Thomson Reuters
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