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President Joe Biden said he could drop some of the tariffs imposed against Chinese imports to help control rising consumer prices in the U.S. — just as Wall Street braces for another inflation report north of 8%.
The White House is reviewing the penalties imposed under former President Donald Trump — which raised prices on everything from diapers to clothing and furniture — and could opt to remove them altogether, Biden said in addressing the nation from Washington on Tuesday.
“We’re looking at what would have the most positive impact,” Biden said, adding that removing the tariffs was currently under discussion.
It is certainly true that we could use a break in paying taxes to the Federal government(as well as state/local governments) during this time when taxpayers are suffering Bidenflation. The highest inflation rate in this country in over 40 years.
Odd though-out of all the taxes that could be cut-the only one he proposes cutting are taxes on imports from China. Not fuel taxes-at a time of record fuel prices. Not taxes on US farms-at a time of record high food prices. But on CHINESE imports. Sure, lets make Chinese-made goods cheaper-and encourage even more imports-at a time when we have record trade deficits. And of course, lets make sure we send even more American dollars to support perhaps our greatest international threat.
I guess it's true-good ol' Xoe, bought and paid for by the Communist Chinese Government. Wouldn't it be nice to know just how much the Biden crime family has been paid by the CCP to sell out America?
Why would democrats want to eliminate a tax though? They usually have a hard time convincing people to hand more of their money over to the government, but Trump made it look easy. Do democrats seriously hate Trump that much that they would cut taxes just to undo his legacy?
About time! I was expecting Biden to drop these tariffs quickly after becoming president. The tariffs result in higher prices for Americans. And US businesses lost a lot of customers due to the tariff war. For example, lobster fishermen in the US lost of lot of business to Canada, due to tariff war. International lobster buyers started buying lobster from Canada instead of the US solely due to the tariff war.
Biden did drop some tariffs already but many remain in place. Glad he is looking to get drop more of the tariffs. I was disappointed that he didn't do this earlier. Better late then never.
Long, long overdue. The tariffs, exactly as economists said they would, increased costs for Americans, devastated US agriculture, and did nothing to lessen the trade imbalance. Biden should have dropped them on day one, but once the government gets its hands on a tax dollar (yes, tariffs are taxes paid by the consumer), it is very reluctant to give them up.
Why would democrats want to eliminate a tax though? They usually have a hard time convincing people to hand more of their money over to the government, but Trump made it look easy. Do democrats seriously hate Trump that much that they would cut taxes just to undo his legacy?
They will do anything to teach someone not to ever think about stepping on their turf. Biden's changes to century+ old 1031 exchange rules to punish Trump is one of the lead contributors to soring housing prices.
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