IMF urges Biden administration to end Trump-era tariffs

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The IMF urges the Biden administration to remove Trump-era tariffs in a report released on July 1, 2021. / VCG

The IMF urges the Biden administration to remove Trump-era tariffs in a report released on July 1, 2021. / VCG

The International Monetary Fund (IMF) urged the Biden administration to remove tariffs on imported steel and aluminum, washing machines, solar panels and a range of goods from China, report says released Thursday.

Tariffs imposed by the Trump administration on imports from China remained in place. The Biden administration also pledged to prioritize US producers in government procurement, reinforcing the “Buy American” requirements put in place by the previous administration.

“These policies should be reconsidered. Trade restrictions and tariff increases should be reversed and ‘Buy American’ provisions should be narrowly circumscribed and made consistent with US international obligations,” the IMF said.

He also pointed out that the currency-based countervailing duty investigations on China and Vietnam and the inclusion of monetary provisions in trade agreements pose a significant risk to multilateral trade and international monetary systems.

“The United States should actively work with its international partners to strengthen the rules-based multilateral trading system and address these long-standing global trade and investment distortions,” the IMF said, adding that a renewed commitment to the WTO could facilitate progress.



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