Implications of the Biden White House Trade Strategy for the Rise of Unfair Trade Practices in the United States: From the Yellen to the Beijing Crisis
The new tariffs cover items that the Biden administration wants to make in America, such as the Bipartisan Infrastructure Law, the Inflation Reduction Act, and the CHIPS and Science Act.
Treasury Secretary Janet Yellen said in a statement that she raised concerns last month during a trip to Beijing about “artificially cheap Chinese imports,” concerns that she said many other countries share. She said the new tariffs are necessary to protect American workers and companies from what could become a flood of unfairly traded products.
The move comes as Biden pushes forward to implement three pieces of legislation that contain hundreds of billions of subsidies to boost the domestic manufacturing and clean energy sectors — and ahead of a presidential election where trade and jobs will again be an issue.
Lael Brainard, President Biden’s top economic adviser, told reporters that communities in Michigan and Pennsylvania have been hurt by China’s unfair practices and they are getting the chance to come back because of the investment agenda.
“One of the challenges is once tariffs have been imposed, it is quite difficult politically to reduce them — because the affected industry tends to get used to them, like them, operate with them as baked into their plans,” said Michael Froman, who was U.S. Trade Representative during the Obama administration.
The strategy of the White House has been tried to differentiate it from Trump’s. It points to comments made by Trump in rallies and interviews that he would broaden tariffs on all imported goods, including targeting Chinese cars, if he wins the election — something that they said would hike consumer prices.
The White House has downplayed the risk that the new tariffs could spark retaliation from China, saying that the issues have been discussed during meetings of top U.S. and Chinese officials, and were unlikely to come as a surprise.
Up First Newsletter: Biden to announce new Chinese tariffs; Michael Cohen returns to the stand. Source: Washington State Secretary Antony Blinken arrives in Kyiv
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U.S. Secretary of State Antony Blinken arrived in Kyiv today. The unannounced visit comes less than a month after Congress passed a $60 billion aid package for Ukraine. The US will emphasize its support toUkraine as Russia ramps up its attacks. Ukrainian troops are struggling to repel a new Russian offensive along the northeastern border.
Cohen will be cross-examined as he returns to his home base in New York. Cohen, formerly Trump’s personal lawyer, confirmed two key details on the stand yesterday: That the former president knew about the $130,000 settlement negotiation to keep adult film star Stormy Daniels from revealing an alleged affair and that he directed Cohen to make that payment because of the 2016 election.
Source: Biden to announce new Chinese tariffs; Michael Cohen returns to the stand
How often do you need to find your way? Advice from a neuroscience professor and an exhibit about hip-hop jewelry at the American Museum of Natural History
How often do you rely on your GPS to get you where you need to go? I wasn’t able to find my way out of the paper bag. People with no sense of direction like me can change, though. Plus, people who have a good internal compass may have a deeper connection to the world around them, according to neuroscience professor Hugo Spiers. You can increase your navigation skills with some of this advice.
Flavor Flav’s clock. A pendant with a Barbie image on it. Slick Rick’s crown and eyepatch. Ghostface Killah’s eagle cuff. These famous hip-hop symbols are currently on display at the American Museum of Natural History in New York as part of an exhibit called “Ice Cold: An Exhibition of Hip-Hop Jewelry.”