Business Experts Urge Biden to Rid of China’s Tariffs

Ahead of President Joe Biden’s virtual summit with Chinese President Xi Jinping, tens of businessmen are calling on Joe Biden to remove tariffs on China to help ease historic levels of inflation.

The business community warned tariffs on China and retaliatory levies are hurting U. S. companies, industries and families by raising costs.

“These costs, compounded by other inflationary pressures, impose a significant burden on American businesses, farmers and families trying to recover from the effects of the pandemic,” the business experts wrote in a letter to officials of Biden’s administration.

The letter was signed by the US-China Business Council, the US Chamber of Commerce, the Business Roundtable and other trade groups.

The business groups pointed out that Treasury Secretary Janet Yellen recently acknowledged in an interview that easing trade tensions could help the historic inflation hitting the US economy. Consumer prices surged in October at the fastest pace in nearly 31 years.