The article is reprinted from "Hong Kong People Talk About Land"
Author: Hong Kong media person Lu Zhanchang
The inflation rate in the United States continues to be high, still hovering at a 40-year high. President Biden has previously stated that he would consider revoking his predecessor Trump The government has imposed additional tariffs on Chinese products to ease the pressure on rising prices. However, after Speaker of the House of Representatives Pelosi visited Taiwan, which prompted China to carry out a series of countermeasures including military exercises against Taiwan, Biden also used economic and trade measures. used as a tool to attack China, and declared that it would reconsider and adjust the plan to impose additional tariffs on China. China has warned the United States not to expect China to trade with its core interests. The United States' unilateral tariff increases are not conducive to the economic development of the United States, China and the world.
Over the past many months, the Biden administration has been looking for various ways to try to curb the soaring inflation rate. One of the immediate results is to withdraw the tariffs imposed on Chinese products exported to the United States. According to a calculation last year by the US rating agency Moody's, 92.4% of the tariffs imposed by the United States on Chinese products were borne by American consumers.
The trade deficit with China continues, and increased tariffs harm the interests of consumers
After the United States implemented additional tariffs on imported goods from China in 2018, the United States' trade deficit with China still continues. Last year, the total amount of Chinese goods imported by the United States was 506.4 billion. The U.S. dollar increased by 16.5% from the previous year. Although the total amount of U.S. products exported to China increased by 21.4% to $151.1 billion, the trade deficit still expanded by 14.5% to $355.3 billion, showing that the United States is still heavily dependent on Chinese products.
U.S. Commerce Secretary Raimondo recently stated that the tensions in the Taiwan Strait after Pelosi’s visit to Taiwan have made the issue of “reducing or reducing tariffs on some Chinese goods exported to the United States” particularly complicated, and the Biden administration also hopes to “ensure that it will not Anything that could harm American workers." The American workers mentioned by Raimondo refer to the American Steel Workers and other labor unions. They believe that a large number of Chinese products are imported into the United States, creating an unfair competitive environment for American workers.
U.S. Trade Representative Dai Qi, who is responsible for trade negotiations with China but has been unable to carry out substantive work, pointed out that President Biden's "worker-centered" trade and economic policies are producing results, and manufacturing employment and industrial production are increasing. It also stated that it would adopt new methods to deal with China's unfair trade and economic practices. Why does a capitalist society that prides itself on pursuing a free trade economy and putting investors' interests first, suddenly care about workers' rights? Instead of canceling the tariffs imposed on Chinese products, all American consumers must bear the burden of the tariffs. Is this fair to all people?
As workers come to power in the mid-term elections, alleviating inflation is secondary.
The issue of tariffs on Chinese products imported into the United States has added more political factors in the United States. The Biden administration believes that canceling the additional tariffs on China will bring negative consequences to it. Huge political pressure, and it is not entirely in line with his own economic and trade policy orientation towards China. The most important thing is that many labor unions in the United States are important vote bases that the Democratic Party must win over. Facing the congressional midterm elections in November this year, Biden has chosen a strategy of canvassing votes first and alleviating inflation second. Therefore, the unconditional lifting of tariffs on China is not a "show of goodwill" by the United States to China, nor is it a "gift". However, the United States must correct this wrong approach.
China has repeatedly stated that there are no winners in the trade war. The United States should cancel tariffs as soon as possible to benefit both the United States and China and the development of the global economy. Similarly, the current tension in the Taiwan Strait is due to the United States' proactive provocation and crisis creation. The United States should not count on it. China trades its own core interests. The reason why the tariff issue has become so complicated and the situation in the Taiwan Strait is in turmoil because of the US's continuous hollowing out of the "one-China policy" is all because the US shot itself in the foot.
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