https://asiatimes.com/2021/08/us-business-pushes-biden-for-a-china-trade-deal/
The US-China trade war has endured under the Biden administration.
NEW YORK – Never before in US political history has the whole of the American business community—more than thirty major business organizations—spoke with one voice as it did in an August 5 appeal to the Biden administration to eliminate tariffs on imports from China.
No entities in American politics are timider than business lobbies, most of whose work involves quiet lobbying for administrative relief and legislative tweaks. Such a high-profile intervention suggests that the business organizations believe that a deal is already underway.
A deal is likely because inflation could poison the Democratic Party’s chances at 2022 mid-term elections and return control of the US Congress to the Republicans. Cutting tariffs is the quickest way to reduce inflation. Beyond the arithmetic of electoral politics, a consensus is emerging that the technology sanctions that Trump imposed on China have failed and may even have backfired.
More than 30 business groups including the Chamber of Commerce, the Business Roundtable, the Semiconductor Industry Association, as well as retailer, farm and manufacturing representatives asked Biden to cut tariffs and restart trade talks with China.
The letter stated: “A worker-centered trade agenda should account for the costs that US and Chinese tariffs impose on Americans here and at home and remove tariffs that harm U.S. interests.”
Last month, Treasury Secretary Janet Yellen told the New York Times that tariffs “hurt American consumers.” Since then-president Donald Trump imposed a 20% tariff on roughly half the goods America buys from China, the Treasury has collected about $100 billion in fees. Most of that was paid by US consumers.