Biden kept Trump’s tariffs on Chinese imports. This is who pays the price – Gist It

Biden kept Trump’s tariffs on Chinese imports. This is who pays the price

President Biden maintains Trump-era tariffs on Chinese imports, with American businesses bearing the cost.

Tariff background: Former President Trump imposed tariffs on about $370 billion of imports from China, intended to deter U.S. reliance on Chinese imports.
* These tariffs cover thousands of items, from everyday products to specialized components needed for American manufacturing.

Impact on U.S. businesses: Companies like MISCO, a loudspeaker manufacturer, have had to move some production to China and source components from other countries due to tariff-related costs.
* Tariffs have caused some businesses to import fully-made products rather than assembling them in the U.S. to save on costs.

Mixed results: Although imports from China have decreased for items on the tariff list, American manufacturers have not entirely reaped the benefits, turning to countries like Vietnam for imports instead.

Current U.S. stance: While Biden’s administration is reviewing the tariffs, the focus has shifted from economics and trade policy to national security.
* The ongoing political climate and the 2024 presidential campaign make significant policy changes difficult.

View original article on NPR

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