WARNING – Trump Says This Could Be Biden’s Worst Mistake
(TheRedWire.com) – In 2019, over 600 US companies signed a letter supporting former President Donald Trump’s tariffs on China. They said the move boosted American jobs, lowered their business costs, and helped make them more profitable. The business leaders noted that the US should no longer take a back seat to China.
Still, many believe President Joe Biden is preparing to take America back to a time when the US sacrificed itself on the Chinese altar. As America’s economy and families reel from inflation, the Biden administration appears to believe lifting tariffs on Chinese goods would ease inflationary pressures. Yet, many aren’t so sure that’s accurate. The news drew a fast response from Trump, who said if Biden followed through, it would be a huge gift for China.
Biden Prepares to Lift Tariffs on China
On Monday, July 5, a senior White House administration official spoke anonymously to POLITICO. The internal debate within the administration about when and how much to lift tariffs on China has been ongoing for nearly a year. In 2021, Biden officials considered the idea of lifting several tariffs. Yet, the Russian invasion of Ukraine pushed the discussions back. Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo advocated strongly for tariff pullbacks, saying it would help reduce inflation.
US Trade Representative (USTR) Katherine Tai, Labor Secretary Marty Walsh, and organized labor argue lifting tariffs wouldn’t have a meaningful impact on inflation, but it would take away leverage in any negotiations with the Chinese. So far, the USTR has received 300 requests from businesses requesting the Biden administration extend the tariffs.
A 2019 study suggested a permanent 25% tariff on Chinese imported goods would create over one million jobs by 2024. The study also said GDP would rise by $167 billion. In a separate conclusion by the Wall Street Journal, economists generally agree that cutting tariffs would have virtually no impact on inflation.
Trump Makes His Presence Felt
On Tuesday, July 5, former President Donald Trump released a statement on Truth Social. He said removing the tariffs on China would be a serious mistake. He argued they helped the US gain billions of dollars and made numerous industries viable for the first time in decades. The former president said if the Biden administration followed through, it would be the “greatest gift that China could ever receive.”
Trump added that ending tariffs would demonstrate how weak and ineffective the US is under Biden and that the US is back to “business as usual.”
So, how would you feel if Biden lifted the tariffs on China?
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