AXIOS: Biden Admin To Keep Trump-Era 301 Tariffs In Place

Axios reporting that, according to "three sources familiar with the matter," the Biden administration is preparing to keep the majority of the Trump-era 301 tariffs on ~USD$300bln of Chinese imports in place as a four-year review of the measures continues.

• Axios notes, "Biden administration officials are still considering whether to pair higher duties on EVs and critical minerals, such as cobalt and lithium, with lower tariffs on some consumer goods."
• During the first half of Biden's term several high-ranking administration officials, including Treasury Secretary Janet Yellen, suggested that some tariffs could be removed to combat inflation but that strategy has been dropped under pressure from labour groups and amid political pressure to retain a hard line on Beijing.
• On Dec 26 the United States Trade Representative announced, "the further extension through May 31, 2024, of the reinstated and COVID-related exclusions in the China Section 301 Investigation... The extension will enable the orderly review of the exclusions consistent with statutory factors and objectives to identify in which cases additional time would enable shifts in sourcing to the United States or third countries. The extension will also facilitate the alignment of further decisions on these exclusions with the ongoing four-year review."