The Wall Street Journal have the report, from an interview with the new US Trade Rep.
- “I have heard people say, ‘Please just take these tariffs off,'” Ms. Tai said. But “yanking off tariffs,” she warned, could harm the economy unless the change is “communicated in a way so that the actors in the economy can make adjustments.”
The piece adds that Tai has spoken with 14 international trade officials during her first week in office, but not with China:
- That would occur “when the time is right”
So, for the time being US consumers will be stuck paying more for just about everything. I have said multiple times towards the end of the Trump administration and into the new Biden administration that Trump took many hard decisions on China and they would not be wound back soon under the new admin. Tough action on China has broad support in the US, there is no rush to hurry into accommodation by Biden.