Remove S. 301 Tariffs That Harm US Interests: ITI, NRF, Others
The Biden administration should retroactively restore Section 301 tariff exclusions that expired last year, open a new exclusion application process and “continue negotiations with China to remove both nations’ counterproductive tariffs as soon as possible," nearly three dozen associations and…
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business groups, including the National Retail Federation and Information Technology Industry Council, wrote Treasury Secretary Janet Yellen and U.S. Trade Representative Katherine Tai Thursday. Achieving “durable, concrete, meaningful results” with China to “level the playing field for American businesses” won’t be easy, said the groups. “Fully resolving tariffs is unlikely, absent substantially more progress by China on core issues.” U.S. importers pay about 18.5% more for Chinese products with Section 301 tariff exposure, they said. The administration “can take immediate steps to relieve increasing inflationary pressures and rising prices,” said the groups. “A worker-centered trade agenda should account for the costs that U.S. and Chinese tariffs impose on Americans here at home and remove tariffs that harm U.S. interests.” Treasury and USTR didn’t comment Friday.