In the wake of the Biden Administration’s deferral of a final determination on steep tariff increases on China-made industrial goods, presidential candidates Donald Trump and Kamala Harris are seeking to make their positions known. The U.S. was scheduled to implement a 100-percent tax on electric vehicles, a 50-percent tariff on semiconductors and solar cells, and a 25-percent duty rate for lithium-ion batteries, aluminum, steel and ship-to-shore cranes in August as a part of President Biden’s economic plan, released in May—but blowback from American industry prompted a review of the decision that would take public comments under advisement. The Office of the U.S. Trade Representative (USTR) on Aug. 30 released a statement saying it “continues to work to finalize the determination” and it intends to release a final judgment on the tariffs in the coming days. Despite the concerns of certain U.S. entities reliant on Chinese technology and raw materials, the trade war rages on. And in the 59-day lead-up to the election, neither ticket wants to appear soft on China.   Former president Trump has repeatedly extolled the virtues of duties on foreign-made products. He took to the stage at the Economic Club of New York on Thursday, giving a rambling, hour-plus long speech in which he referenced tariffs 27 times.Harris appears to be following the lead of the current Commander in Chief. She’s remained mum on whether she would roll back or remove the existing China tariffs, though a campaign spokesperson said in a statement that she plans to “employ targeted and strategic tariffs to support American workers, strengthen our economy, and hold our adversaries accountable.” In a Tuesday note obtained by Bloomberg, Goldman Sachs economists said they don’t anticipate more tariff increases under a Harris administration. But Trump’s proposals, including taxes on critical goods from China, the E.U. and Mexico, could cause inflation to spike with a peak impact of 30 to 40 basis points on the Federal Reserve’s preferred price gauge, they believe. Beijing, for its part, is making its sentiments known. After the USTR announced a second delay on the Biden administration’s decision on the forthcoming tariff rollout, China Ministry of Commerce spokesperson He Yongqian countered the U.S. should “immediately” lift all tariffs on Chinese goods. “China has made solemn representations to the United States on the issue of the 301 tariffs many times,” she said. According to the spokesperson, imposing further tariffs on Chinese products is “adding insult to injury” when it comes to the U.S.-China trade relationship. The deferment of the decision “shows the Section 301 tariffs are unpopular among the U.S. public,” she added. (ICE NEW YORK)

Fonte notizia: SJ