Senate Republicans and Democrats are blaming President Joe Biden and Treasury Secretary Janet Yellen for claims that U.S. tariffs on Chinese imports helped spur record inflation among U.S. consumers.
Sens. Rob Portman (R-OH), Sherrod Brown (R-OH), Mitt Romney (R-UT), Kevin Cramer (R-ND), Mike Braun (R-IN), Robert Casey (D-PA), Written by Rick Scott (R-FL), James Inhofe (R-OK) and Elizabeth Warren (D-MA) a letter Biden urged him to continue imposing U.S. tariffs on billions of dollars worth of Chinese-made products.
“Removing tariffs on China would damage the U.S. position in the negotiations, expose many U.S. companies and workers to a sudden influx of imports, and signal to China that waiting for the U.S. to pull out is better than changing its non-market behavior or complying with the Phase 1 deal. ,” the senators wrote.
The letter was owned by both Biden and Yellen Suggest They want lower U.S. tariffs on China, claiming it will lower inflation for U.S. consumers.
Research by the Economic Policy Institute (EPI) show Lowering U.S. tariffs will have little impact on current inflation and may only lower consumer prices by 0.3% in one go.
Likewise, the senators denounced Biden and Yellen’s claims that cutting U.S. tariffs on China would subsequently lower inflation:
at last, We note that tariffs are not a driver of inflation today. Not only are tariffs more than three years ahead of current inflation, but China imports only 2% of goods Inclusion in the Consumer Price Index (CPI) does not materially reduce inflation. [Emphasis added]
indeed, Much of the inflation we’re seeing is related to fuel and food – industries that have nothing to do with imports from China. To avoid the huge strategic cost of removing tariffs, We urge you to keep tariffs on China in their current formand use all the tools at your disposal to defend American rights in the face of China’s unfair economic practices. [Emphasis added]
Over the years, analysis by Breitbart News has shown that tariffs do not Increase American prices. The latest EPI study found no link between U.S. tariffs imposed by former President Trump and current inflation:
The timing of the tariffs clearly shows no correlation with inflation, and the removal of the tariffs does not reasonably dampen it. Most tariffs were implemented before 2020, but inflation only started to accelerate in March 2021. Clearly, inflation is driven by many factors other than tariffs. [Emphasis added]
The Biden administration has Be eliminated The U.S. has imposed tariffs on more than 350 Chinese-made products — a major win for multinational companies that have long outsourced manufacturing to China.
U.S. Free Trade with China, 2001-2018 Be eliminated The US economy created 3.7 million jobs – 2.8 million of which were lost in US manufacturing. During the same period, at least 50,000 U.S. manufacturing plants closed.
These mass job losses coincided with a surge in the U.S.-China trade deficit. In 1985, before China joined the WTO, the U.S. trade deficit with China totaled $6 billion. In 2019, the U.S. trade deficit with China totaled more than $345 billion.
Meanwhile, a 2019 study established Permanent U.S. tariffs of 25 percent on all Chinese imports would create more than one million U.S. jobs within five years.U.S. manufacturing is vital to the U.S. economy because every manufacturing job support An additional 7.4 U.S. jobs in other industries.
John Binder is a reporter for Breitbart News. Send an email to firstname.lastname@example.org him on twitter here.