US Tariffs on Chinese Imports Are Like 'Shooting Oneself in the Foot'

US Inflation and Price Instability Trigger Tariff Removal Logic Ahead of China-US Trade Talks
China Extends Exemption Period for Retaliatory Tariffs on 79 US Products Until Year-End

[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese government has extended the exemption period for retaliatory tariffs on 79 types of US products. In May last year, Chinese customs authorities excluded 79 types of US products from tariff imposition for one year. This move is interpreted as China's willingness to negotiate trade with the United States.

The Tariff Commission of the State Council of China announced on the 18th that it will extend the tariff exemption period for 79 types of US products, which expire on the 20th. The tariff exemption period will last until December 25, and the products include rare earths, gold and silver ores, aviation radar, and medical disinfectants.

Photo by Global Times Capture

In this regard, Global Times evaluated this as a favorable measure by China following remarks by US officials, including Katherine Tai, US Trade Representative (USTR), that they may meet with China on trade issues.

Song Guoyou, Deputy Director of the American Studies Center at Fudan University, explained, "This extension of the tariff exemption period is a measure showing China's sincerity," adding, "China has shown its willingness to provide a positive environment to resolve Sino-US economic issues and facilitate future communication between the two countries."

Chinese media such as Global Times also argued that former President Donald Trump's indiscriminate tariff policy on Chinese products has instead become a burden on the US economy. Global Times reported that while the US Consumer Price Index (CPI) rose 4.2% year-on-year in April, showing unstable inflation, China's consumer prices last month increased by only 0.9% year-on-year, indicating that US citizens are suffering due to tariff policies on Chinese products. Furthermore, it analyzed that the joint statement by the US and the European Union (EU) declaring "countries supporting trade distortion policies like China will be held accountable" means that the US is quite uneasy.

Gao Lingyun, a researcher at the Chinese Academy of Social Sciences, pointed out, "The inflation problem and tariff issues in the US are increasing the burden on American consumers," adding, "The retaliatory tariffs imposed during the Trump administration were like the US shooting itself in the foot, and only now is the US feeling that pain."

Hu Chimu, Senior Researcher at the Sinosteel Economic Research Institute, said, "A sound Sino-US relationship is not only beneficial to both countries but also an important driving force for global economic recovery," and emphasized, "Both countries must make efforts with a serious attitude to improve trade relations."

Meanwhile, China and the US reached a Phase One trade agreement in January last year, under which China agreed to import over 200 billion dollars (approximately 227 trillion won) worth of US products from 2020 to 2021. Despite the agreement, the US continued to impose a 25% tariff on Chinese products worth 250 billion dollars annually, and China also imposed retaliatory tariffs on US products.

This content was produced with the assistance of AI translation services.