X

This is not a paywall.

Register for free to continue reading.

We made a promise to you that we’ll never erect a paywall and we intend to keep that promise. We also want to continually improve your reading experience and you can help us do that by registering with us. It’s quick, easy and will cost you nothing.



Nearly there! Create a password to finish up registering with us:


Please enter your password or get a login link if you’ve forgotten


Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Biden May Roll Back Chinese Tariffs This Week, Dow Jone...

Business Maverick

Business Maverick

Biden May Roll Back Chinese Tariffs This Week, Dow Jones Says

The label of a cowboy hat reads "Made in China" at an Amazon.com merchant's office in Seattle, Washington, U.S., on Thursday, June 20, 2019. Amazon.com Inc. merchants around the world are scrambling to navigate an unpredictable trade war that's upending their proven business model of buying inexpensive goods in China and selling them at a markup in the U.S. Photographer: Chona kasinger/Bloomberg
By Bloomberg
04 Jul 2022 0

US President Joe Biden could announce his decision to roll back some tariffs on Chinese imports as soon as this week, Dow Jones reports, a move that might lessen domestic inflation but could also reduce pressure on Beijing.

The changes could include a suspension of tariffs on consumer goods including clothing and school supplies and setting up a way for importers to request waivers on the import taxes, according to the report, which cited unidentified people familiar with the matter.

The offshore yuan rose as much as 0.3% to 6.6807 per dollar, the strongest in a week, after the report. The Australian dollar extended gains following the report, climbing 1% versus the US dollar to 0.6884. The New Zealand dollar tracked the Aussie higher, rising 0.9% to 0.6250.

Biden’s administration is weighing what to do about former President Donald Trump’s tariffs on hundreds of billions of dollars worth of imports from China, which is both its biggest trading partner and most powerful competitor. While some businesses have benefited from protection from Chinese imports, those that use the goods as inputs in areas including manufacturing have been hurt by the price rises.

Read more: Biden Says He’ll Talk to Xi ‘Soon,’ Weighing Tariff Easing

Biden said last month he’ll talk to his Chinese counterpart President Xi Jinping “soon” and he was “in the process of making up my mind” regarding the tariffs. US officials are working to set up a possible call this summer as tensions run high between the world’s two biggest economies, including on Taiwan, Ukraine and human rights.

Officials in the Biden administration appear to be divided over the tariffs. US Trade Representative Katherine Tai told a Senate hearing recently that the tariffs are a “significant piece of leverage.” Those comments contrast with Treasury Secretary Janet Yellen, who said in June that the tariffs have hurt American consumers and businesses and are contributing to the fastest inflation in 40 years.


Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted