Photo taken on Oct. 28, 2021 shows the White House in Washington, D.C., the United States. (Xinhua/Liu Jie)
The president should lift additional tariffs on Chinese imports "to end the trade war once and for all," said Alex Durante, economist at the Tax Foundation, a think tank in Washington, D.C.
WASHINGTON, July 6 (Xinhua) -- A federal tax economist has urged U.S. President Joe Biden to lift additional tariffs on Chinese imports, according to an opinion piece posted recently by Bloomberg.
The president should lift additional tariffs on Chinese imports "to end the trade war once and for all," said Alex Durante, economist at the Tax Foundation, a think tank in Washington, D.C.
Noting that Biden is considering dropping Trump-era additional tariffs on Chinese imports to ease inflationary pressures, the economist said "this policy change is long overdue."
According to the report, he said these tariffs have imposed steep costs on consumers and businesses while failing to revive American manufacturing. "American consumers and businesses have been forced to pay higher prices with no tangible benefits generated for the U.S. economy," he said.
Economists at the Federal Reserve Board found that the tariffs actually reduced manufacturing employment overall, he said.
In addition, the Tax Foundation's analyses found that the trade disputes have reduced U.S. GDP by about 0.3 percent, costing over 200,000 jobs. ■
