US and China discuss economic challenges as talk of tariff rollback swirls
CNNJul 05, 2022
US, China Discuss Economic Challenges as Biden Reportedly Weighs Tariff Cuts
Photo: Reuters [via Daily Caller]
The Facts
The US and China held talks on Mon. to discuss the major challenges facing the global economy amid speculation that the Biden admin. might move to lift some Trump-era tariffs to ease inflation and boost growth.
US Treasury Sec. Janet Yellen and China's Vice Premier Liu He, Beijing's top economic official, spoke on the phone, discussing the "impact of Russia's war against Ukraine on the global economy and unfair, non-market PRC economic practices," according to the US Treasury Dept. readout.
The Spin
Left narrative
The tariffs against Chinese goods were unnecessary when Trump implemented them, and now that inflation is getting out of control, Biden should seriously consider lifting them. The US has gained nothing from sticking to Trump's policy, and lifting the tariffs could help offset the worsening economic situation.
Right narrative
Polls show that the American people have no particular interest in lifting tariffs on China and aren't clamoring for Biden to make such a move. Supply chain issues are a result of China's zero-COVID policy, and the US shouldn't lift tariffs without China making serious concessions.
