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Two U.S. Political Parties Call For Expanded Exemptions From Tariffs On China

Last Thursday (20th), more than 140 congressmen from the Democratic and Republican parties in the United States sent a letter to US Trade Representative Dai Qi, requesting to restore and expand the scope of tariff exemptions for China. In the face of a 40-year-high inflation rate of 7%, reducing inflation has become an important task for US financial officials today. Raising interest rates needs to suppress consumption and reduce inflation, but at the same time it will harm economic development. Therefore, lowering China's import tariffs to suppress inflation is the best solution. For fear of losing voter support, U.S. President Joe Biden has been afraid to lower tariffs on Chinese imports. But there are now a large number of bipartisan lawmakers demanding that Biden is expected to plan a solution to the trade war policies left by former President Trump.

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