WASHINGTON — Economists and policy makers are debating whether stimulus spending and easy monetary policy are fueling inflation. Many businesses say there is another culprit that should share the blame: import tariffs.
The Trump administration implemented tariffs on products including lumber, steel and semiconductors to shield American companies from a glut of cheap imported products from China and other countries.
From the archives (December 2019): Fed study finds Trump tariffs backfired
Capitol Report (August 2019): Trump raises China tariffs in escalation of trade war
The tariffs have long been opposed by U.S. companies that import the goods and pay the levies. They are making a new push for the Biden administration to lift them, on grounds that tariffs contribute to rising prices and product shortages that are accompanying the post-pandemic recovery.
From the archives (December 2020): Biden signals intent to keep Trump tariffs on China as leverage against ‘abusive’ trade practices
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