WASHINGTON DC – National Foreign Trade Council (NFTC) Vice President Tiffany Smith today issued a statement following the announcement by USTR of additional tariffs on imports from China under Section 301:
“Today’s announcement that the Biden Administration is moving forward with increased and expanded Section 301 tariffs on imports from China continues a disappointing trend and is a regrettable move in the wrong direction.
“Over the last six plus years, U.S. importers and consumers have paid $221.11 billion in extra costs as a result of Section 301 duties. According to data from the Tax Foundation, these tariffs have created an average annual tax increase on every U.S. household of $625 at a time when Americans continue to deal with the effects of years of record high inflation.
“It’s also important to remember that Section 301 tariffs were put in place to make it easier for U.S. companies to compete internationally by addressing a very specific set of actions by China relating to intellectual property protection. It is unclear how additional tariffs like those announced today will solve a problem that six years of tariffs have not been able to address.
“Rather than unilaterally adding new tariffs and continuing to drive up costs for consumers, the Biden Administration should be focusing on working with like-minded allies and trade partners to eliminate the underlying structural issues in China that these tariffs were intended to solve.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.
