(LI MIN / CHINA DAILY)
Experts, government officials and media outlets in the United States are split on whether to lift the tariffs the Donald Trump administration imposed on Chinese goods. As a result, the White House is yet to make a final decision.
Yet a rollback of the tariffs on Chinese imports will not only ease the burden and pain of US consumers and importers but also, and more importantly, help check the rising inflation in the US and alleviate the recessionary pressure on the economy. That in turn would help the US economy to recover faster.
The withdrawal of the tariffs will also deliver the following real benefits to the American people and the country. For example, if President Joe Biden takes political courage to reverse his predecessor's wrong practice by removing the tariffs on $370 billion Chinese goods, it will naturally help mitigate the pain of inflation and help the ordinary American consumers.
Yet the US, by hesitating to make a decision, risks losing the golden opportunity to right its wrongs
Yet the Biden administration has spent more than one year deliberating whether to reshape its predecessor's legacy.
Contrary to the administration's claim, the tariffs have not only hurt Chinese enterprises and exporters but also made ordinary American consumers and importers victims of Trump's skewed trade policy, which his successor has intensified, instead of abandoning.
Statistics show that on average an American consumer spends an extra of $3,600 per year to the goods required to lead a decent life and US importers have lost about $120.3 billion during the trade war launched by the previous administration. And it would be irresponsible of Washington to overlook the real losses and pain suffered by the American people.
Facing inflation as high as 8.6 percent, the sooner the US revokes the tariffs on Chinese goods, the faster the American people will benefit, especially because the second wave of high inflation, which will likely be more extensive and unmanageable, seems imminent and the COVID-19 pandemic is yet to be contained.
The previous loose monetary policy and strong stimulus adopted by the US Federal Reserve, together with the Russia-Ukraine conflict and rising tensions in the Asia-Pacific region due to US' strategic maneuverings, have led to higher inflation.
Since inflation will cause immense harm to the US economy, leading to long-term recession, the Biden administration should take proactive measures as soon as possible to return to free market rules and fair trade. And the removal of tariffs on Chinese goods is the most direct and effective way to do so.
Furthermore, since economic and trade relations between China and the US are highly complementary, putting bilateral economic ties back on the right track will benefit both sides, albeit it will benefit the US more given the current circumstances.
In launching the trade war against China, Trump sacrificed the common good in his blind pursuit of populism in order to woo white people's votes. Yet he ended up without gaining any real benefits－and instead caused immense harm to US citizens.
Lifting of all additional tariffs on Chinese imports as soon as possible is the best choice for the US to steady its economy and ease the pains of the American people and businesses. Yet the US, by hesitating to make a decision, risks losing the golden opportunity to right its wrongs.
A comprehensive tariff rollback will also inject new impetus into China-US relations, prevent bilateral ties from worsening further, and help rebuild mutual trust. Hence, it's time Washington adjusted its outdated China trade policy for its own good.
In other words, the Biden administration, to tame inflation and thus gain more people's support for the Democratic Party, shouldn't waste any more time in making the right decision, because the sooner the tariffs are lifted, the better for the US economy.
The author is a senior councilor at the China Center for International Economic Exchanges and former vice-minister of commerce.
The views don't necessarily represent those of China Daily.