China's Liu Discusses Tariffs With Yellen as US Looks to Ease




  • In Business
  • 2022-07-05 02:31:01Z
  • By Bloomberg
 

(Bloomberg) -- China's Vice Premier Liu He discussed US economic sanctions and tariffs in a call with Treasury Secretary Janet Yellen amid reports the Biden administration is close to rolling back some trade levies.

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The lifting of tariffs and sanctions and the fair treatment of Chinese enterprises are areas of great interest to China, Liu said in the video call with Yellen on Tuesday, according to a statement from China's Ministry of Commerce.

The two sides discussed economic policy and stabilizing global supply chains, agreeing that it's significant for the US and China to strengthen communication and coordination in those areas for the benefit of both countries and the rest of the world, according to the statement. The talks were pragmatic and constructive, it said.

Read More: Biden Close to Rollback of China Tariffs to Fight Inflation

The comments came alongside reports that President Joe Biden may announce as soon as this week a rollback of some of US tariffs on $300 billion in Chinese goods. Expectations on the Biden administration to ease some of the taxes to help lower the costs of everyday merchandise have increased as inflation in US soared this year.

Tensions between the world's two biggest economies have continued since former President Donald Trump hit China with the tariffs starting in July 2018 after an investigation concluded China stole intellectual property from American companies and forced them to transfer technology.

While China's economy has been hemmed in by Covid-related shutdowns, Chinese exports to the US in the first five months of 2022 in dollar terms grew 15.1% on the year while imports rose 4%, according to official data.

(Updates with background.)

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©2022 Bloomberg L.P.

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