China urged the United States to reconsider and cancel the additional tariffs imposed on Chinese goods “as early as possible.”
Chinese Foreign Minister Zhao Lijian said on Wednesday that the additional tariff imposed on Chinese goods was not in the interest of China.
Lijian argued that the additional tariff had negatively impacted the US, bringing more costs to American companies and consumers. He said the tariffs on various goods cost American companies $1.7 trillion and the average American household $1,300.
“The figures fully demonstrate that the tariff war does nobody’s good,” Lijian said.
American Action Forum Data Analyst Tom Lee and Former Director of Immigration and Trade Policy Jacqueline Varas said that the US tariff has significantly harmed the country’s economy and inhibited economic growth.
US President Joe Biden said on Tuesday that the government has been looking at dropping the tariff on China, but decisions have not yet been made.
In his remark on the US economy, Biden said he plans to lower the everyday cost for “hardworking families” and the deficit by asking large corporations and wealthy Americans to pay their taxes.
Former US President Donald Trump imposed a 25 percent tariff on approximately $250 billion and a 7.5 percent tariff on roughly $112 billion of Chinese imports.
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