Joe Biden recently discussed his plans for the Section 301 tariffs Trump imposed on goods from China. In an interview published in the NY Times, Biden said he would not immediately remove the tariffs that Trump imposed on about half of China’s exports to the United States. Most of those tariffs are at 25% of the value of the imported product, some are at 7.5%. Instead, he first wants to conduct a review of the existing agreement with China and consult with traditional allies in Asia and Europe to develop a coherent strategy.
This is disappointing news for importers who may have been hoping for more immediate relief. Biden has not revealed plans for the Section 301 tariff exclusion program, under which the U.S. Trade Representative issues tariff exclusions for certain products. Many of these exclusions are set to expire December 31, 2020. Without intervention, previously exempt products will be subjected to additional tariffs in the new year.