U.S. businesses are panning the Biden administration’s new China trade policy, saying it fails to provide the tariff relief they expected for importers who lack cost-effective alternatives to Chinese products.

The complaints are coming from companies that rely on Chinese electronic components and other parts to manufacture goods, from retailers that import shoes and skirts from China, and from people including Michael Mojica, who owns a camping-gear company in Englewood, Colo.

Mr. Mojica’s Outdoor Element LLC sells carabiners, panhandles and other equipment that he designs and has manufactured in China. He said his profits have been cut sharply by having to pay the 25% import tariffs, forcing him to dip into his retirement savings to handle the bills.

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