“At the market level, we’re still doing a lot of business, despite the efforts of both governments. The macro relationship hasn’t changed that much; we’re still trading a lot,” he said.
The Biden administration has kept in place a set of tariffs imposed under former president Donald Trump and confronted Beijing over what it sees as human-rights abuses, unfair trade practices and threats to US national security.
However, hundreds of US businesses big and small have made a fresh push for the removal of the levies — which were instituted in waves starting in 2018 — saying they have raised their input costs at a time of accelerating inflation.
As the White House reviews the tariffs, there is little indication that the White House is inclined to significantly roll back the tariffs on the imports that span industrial inputs — such as microchips and chemicals — to consumer merchandise, keeping them in place as leverage against China and amid concerns that repealing them would be politically risky.