Oil Prices Rise as Hormuz Tensions Threaten Supply 
Longsys Raises $903 Million in Hong Kong IPO as Shares Debut Flat 
OPEC+ Expected to Hold October Oil Output Steady 
Anthropic Drops $6 Billion Decart AI Acquisition Talks 
China Expands Influence in Global Gold Market 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
OpenAI Launches GPT-6 Astra With Advanced AI Agent Capabilities 
Gold Prices Rise as Yen Rally Weakens Dollar 
Fast Retailing Shares Drop as Uniqlo Japan August Sales Fall 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
GLP-1 Weight-Loss Drug Use Surges Among U.S. Children 
Huawei Launches Mate XT2 Foldable Phone in China 
SpaceX Turbine Push Unlikely to Threaten Howmet, Bernstein Says 
Thomson Reuters C-Track Cyberattack Hits Courts Across U.S. and Canada 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
GSM Eyes US, Europe Expansion Ahead of 2028 Hong Kong IPO 
Add as a preferred source on Google
The U.S. may be scrapping some tariffs on China, and this was revealed by Gina Raimondo, the country's commerce secretary, on Sunday, Jun 5. She shared that President Joe Biden has asked the ministry to look at some options for removing the tariffs that were implemented by former President Donald Trump.
It was said that the officials were requested to look into the lifting of the China tariff as it is being seen as a way to fight the current high inflation. Then again, if approved, not all of the imports from China will go tax-free as this will only be applicable to some items.
"We are looking at it. In fact, the president has asked us on his team to analyze that. And so we are in the process of doing that for him and he will have to make that decision," Raimondo told the media in an interview last weekend.
She went on to say, "There are other products - household goods, bicycles, etc - and it may make sense to weigh lifting tariffs on those."
The commerce secretary further said that the U.S. administration made the decision to continue with the tariff on major things such as steel and aluminum to protect the steel industry as well as American workers in this field, as per Reuters.
President Biden said he is now mulling the discarding of some of the tariffs on Chinese goods worth hundreds of billions of dollars. These duties were imposed in 2018 and 2019 by then-President Trump. China argued that reducing the tariff will definitely help cut costs for the American citizens.
In any case, it seems that the U.S. is taking this point seriously as the tariffs on China are now under strategic review, and this was confirmed by the U.S. Trade Office. The review is for possible changes that can lower tariffs on Chinese goods.
"We are looking at everything and what we're focused on is making sure that we have again, a long term realignment of the relationship with China, focusing on some of the concerns … such as non-market practices and economic coercion," Sarah Bianchi, Deputy US Trade Representative, said.
Kenny Eliason/Unsplash
