Testifying on her office's $76.5 million fiscal 2023 budget request - a $6.5 million increase from the prior year - Tai said that inflation pressures will eventually subside, but the United States will still face long-term strategic challenges from China's state-dominated economic policies. Only about $50 billion of the total was directly tied to the Section 301 investigation pursued by former President Donald Trump's administration into China's misappropriation of U.S. duties of up to 25% remain on Chinese goods valued at some $370 billion when they were imposed in 20 - years with low inflation. The cuts are potentially substantial, but the scale has not been decided, according to the sources. economy in the medium and long term, Tai said, adding: 'With respect to short-term challenges, there is a limit to what we can do with respect to, especially, inflation.'Д«iden is intensifying White House discussions on whether to scrap tariffs on a range of Chinese goods to curb inflation, but no decision is likely before next week's Group of Seven leaders summit, people familiar with the matter have told Reuters. Tariffs and other trade tools can help improve the competitive position of the U.S.

Tai added that the key challenge for Biden's administration was converting 'this leverage into a strategic program that will strengthen American competitiveness and defend our interests in a global economy in which China will continue to play.'

'The China tariffs are, in my view, a significant piece of leverage - and a trade negotiator never walks away from leverage,' Tai said. President Joe Biden to maintain tariff leverage over China as he deliberates over whether to lift some of the so-called Section 301 duties on Chinese imports as a way to try to ease high inflation. Tai's comments indicated that she was still pushing for U.S.

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