Monday, April 15, 2024

Beijing Biden Relaxes Trump Tariffs on China

'Amid inflation spikes and challenges to the global economic recovery, we hope the U.S. could scrap all tariffs on Chinese products as soon as possible...'

(John Ransom, Headline USA) In order to try to save his sagging fortunes before the midterm elections, President Joe Biden has made exceptions to 352 items from China that were previously hit with tariffs under the Trump administration because of unfair trade practices, said Reuters.

“Amid inflation spikes and challenges to the global economic recovery, we hope the U.S. could scrap all tariffs on Chinese products as soon as possible for the fundamental interests of consumers and producers in China and the U.S.,” communist spokeswoman Shu Jueting told reporters, identifying one big reason for the new tariff exceptions.

The Biden administration is hoping that a reduction in tariffs will help ease inflation, which is largely looked upon by voters as a problem created by Democrats, especially by Biden.

In reality, it is the government’s unfettered spending and creation of unbacked currency that devalues existing dollars and drives up prices.

However, the relaxation of tariffs may help somewhat with the supply chain crisis even if doing so transfers American wealth away from the country and to one of its greatest geopolitical rivals.

The bargain might also personally benefit the corrupt Biden family, whose unethical business deals with the Chinese government were confirmed by Hunter Biden’s abandonned laptop. As of March 9, Hunter—who is likely soon to be federally indicted for fraud and tax evasion—remained listed as co-owner in at least one Chinese venture.

Even while in office, Joe Biden reportedly has 10% of some of those business transactions put in escrow on his behalf, according to the now-verified emails.

The Biden administration already has lifted some of the tarriffs, despite the fact that China has failed to live up to its own end of the agreement by meeting its obligation under the Trump trade agreement to buy a certain number of US products.

According to CNN, China is $213 billion short of its commitment.

For China, the lifting of tariffs is an indication that they will finally get what they believed Joe Biden promised when he was a candidate for president: a ‘normalization’ of relations between the two countries, which Trump had argued were systemically lopsided in China’s favor.

The country now stands poised to grab even more economic advantage as oil markets discuss trading in yuan instead of dollars, which could significantly impact America’s ability to leverage its currency on the global market.

China further has been using the Wuhan-created COVID-19 as cover to shut down cities where major goods are produced in order to exacerbate ongoing supply issues with its exports.

Notwithstanding the trade imbalances, at least one Republican also called out Biden’s attempt to reset those relations on the basis of China’s support for slavery and persecution of ethnic minorities.

“The Chinese Communist Party has gotten a pass for its gross human rights violations while benefiting tremendously by stealing American jobs and growing into the economic superpower it is today,” Rep. Chris Smith, R-NJ, said in a Tuesday statement to Fox News Digital.

Smith has introduced a bill, with bipartisan support, said Fox News, that will prohibit the US from engaging in normal relations with China.

Fox News said that the US and China engaged in $559 billion worth of trade in 2020—not including the $213 billion that they shorted the United States on the trade deal they signed but didn’t live up to.

Headline USA’s Ben Sellers contributed to this report.

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