Ex-Trump adviser calls for lifting Trump tariffs on China

Former Trump economic official Gary Cohn is in favor of President Joe Biden lifting some Trump-era tariffs imposed on China to address high inflation.

“These tariffs are adding to the cost of many goods that US consumers are buying,” Cohn told CNN.
Cohn, now vice chairman at IBM (IBM), is a vocal advocate of free trade and frequently clashed with Trump officials who favored tariffs.
“Overall, some of the tariffs make sense. But a lot of the tariffs just act as a consumption tax,” he said.
For months, Biden has been debating whether to roll back some Trump tariffs to combat the worst inflation in America in four decades. Some major business groups are urging Biden to lift tariffs, while union officials are warning against that. No decision has been made.

Cohn, a former top executive at Goldman Sachs, announced his departure from the Trump administration in March 2018 after Trump vowed to impose steel and aluminum tariffs.
“There’s a variety of views on trade. My view on trade is pretty simple. If we manufacture something here in the United States, we should protect our manufacturers,” Cohn told CNN. “If we don’t manufacture something here in the United States, and we’re not going to manufacture here in the United States, I don’t believe we should put a tariff on it.”

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Won’t solve inflation
Biden on Tuesday said he plans to speak to Chinese President Xi Jinping as the US president considers whether to ease some tariffs on China. Treasury Secretary Janet Yellen has said some of these tariffs are harming families and businesses.
“If you get rid of these tariffs, the price of those goods should go down,” Cohn said.
He conceded, however, that this won’t be a cure-all for inflation, which unexpectedly got worse in May.
“No one thing is going to solve inflation. We have to do as many things as we possibly can to try and lower prices,” he said.

Of course, there are bipartisan concerns about China’s trade practices. Unwinding tariffs could undermine efforts to tackle such problems as theft of intellectual property, illegal subsidies and dumping cheap products into foreign markets.
Not to mention the fact that China has not lived up to the Phase One trade agreement signed in early 2020. China has purchased only 57% of the US goods and services exports over 2020-2021 that it committed to under the agreement, according to estimates from the Peterson Institute for International Economics.
Asked if rolling back tariffs would reward China for failing to live up to its end of the deal, Cohn pushed back.
“Are we rewarding China? Are we rewarding US citizens because they’re going to buy these goods no matter what and we’re taking more disposable income out of their hands,” Cohn said.

Ex-Trump adviser calls for lifting Trump tariffs on Chinaultima modifica: 2022-06-26T20:03:27+02:00da elzabrelmania

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