By Jon Hemmerdinger2021-06-03T20:24:00+01:00
Boeing’s chief executive is again calling on the US government to normalise trade relations with China, a country that accounts for a vast portion of Boeing’s historic and potential aircraft sales.
“We’ve got to restore our deliveries in China,” Calhoun says on 3 June. “We need the two governments to want to restore some of the trade lines that have been in place for 50 years… and [have] served both markets, both economies very well.”
Calhoun, who made his comments during an investor conference hosted by AllianceBernstein, says he has communicated about the issue with the administration of president Joe Biden.
After Donald Trump took office for four years, American companies looking forward to new approaches to international trade policy asked the Biden administration a question: What will happen to the tariffs he imposed on China?
The unbalanced trade balance with China, the largest source of U.S. imports, has become a fixed factor in Donald Trump’s trade policy. He imposed tariffs on billions of dollars of Chinese goods including clothes, shoes and food, which disappointed the business groups that had supported him in tax cuts and deregulation.
However, under Joe Biden’s leadership, most of the tariffs still exist, and some American business groups have become anxious.
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The Office of the United States Trade Representative (USTR) has postponed a possible 25% duty on Indian jewelry for six months, giving the countries time to come to terms on an unrelated trade dispute.
The USTR had proposed 25% tariffs on a wide range of jewelry items, in response to digital service taxes imposed by India on U.S. e-tailers that the agency considers “unfair and discriminatory.” The USTR had warned the duties could take effect soon.
The tariffs would have taken a large toll on the Indian jewelry sector; of the 40 Indian items the USTR wanted to make subject to tariffs, 17 were related to jewelry, including gold and silver items. The tariffs would have also affected several Turkish jewelry items, sparking outcry from the industry in that country. While Italy was also subject to tariffs, the list of subjected items did not include jewelry.