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Biden and Xi Jinping Phone Call Highlights Trade Policy Concerns Amid Rising Tensions and Tariff Threats

(PHOTO: Reuters)

Attempts to Reduce Tensions Draw Attention to Persistent Issues During the Biden-Xi Jinping Phone Call

Trump’s Proposed Decoupling and Tariff Increase Endangers Inflationary Pressures

In a recently published article by Yahoo Finance, Presidents Biden and Xi Jinping of China spoke over the phone for the first time since November, covering a range of critical subjects to ease tensions between their two nations. Even after talking about topics like trade policies, concerns about Chinese overproduction, and TikTok, deeply rooted disagreements still exist. Should he win, Trump is prepared to raise tariffs on Chinese imports and perhaps decouple the economies, which could exacerbate inflationary pressures, experts say, particularly in light of the current global economic recovery from the COVID-19 epidemic. Biden’s approach focuses more on managing particular facets of the partnership and relocating some supply chains to the US.

Joe Biden, Xi Jinping Agree To Restart High-Level Military Talks: Report
High-Level Discussions Between Biden and Xi Jinping to Address Increasing Global Tensions (PHOTO: NDTV)

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Trump’s tariffs on Chinese imports are raising concerns about inflation and the stability of the economy

Even while Trump’s prior tariffs on Chinese imports were specifically directed at component goods rather than final consumer goods, they nonetheless had an impact on manufacturing prices and supply chains. Trump asserted that the tariffs didn’t primarily harm Americans, but the truth is that producers had to absorb the additional prices, which eventually had an impact on consumers. Concerns about how a return to tariffs may affect inflation and the fragile balance of the world economy are raised by the prospect of a tariff comeback, particularly in the wake of the pandemic.

READ ALSO: U.S. Lags In Hypersonic Missile Race As China And Russia Advance Arsenals

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