IMF criticizes Biden administration’s lifting of customs duties on Chinese goods

The International Monetary Fund criticized the imposition of US President Joe Biden’s administration this week to forcefully raise customs duties on some Chinese goods, warning that tensions between the world’s two largest economies threaten to harm global trade and growth.

According to CNBC, International Monetary Fund spokeswoman Julie Kozak said Thursday in Washington when asked about this step: “We believe that the United States would benefit better by maintaining open trade policies that were vital to its economic performance, rather than imposing tariffs.” New sanctions on Chinese goods.

She added that Washington and Beijing must work together to resolve trade tensions between them.

In this context, Kristalina Georgieva, Executive Director of the International Monetary Fund, said last month that: “All eyes are turning to the United States, in light of the Fund’s increasing criticism of its largest and most influential contributing country due to the global influence of its policies.”

She continued, “This includes Washington’s high debt levels, trade restrictions and industrial policies targeting China, and even the impact of the US Federal Reserve’s tight monetary policy, which has led to the weakening of currencies against the dollar globally.”

Last Tuesday, President Joe Biden announced significant tariff increases on a range of Chinese imports, in an election-year effort to boost domestic manufacturing in critical industries. The White House described the move as a necessary measure to protect American workers and companies from alleged fraud.