Yellen Says Biden Team Is Looking to ‘Reconfigure’ China Tariffs

News Snapshot:

(Bloomberg) -- US Treasury Secretary Janet Yellen said the Biden administration is looking to “reconfigure” tariffs imposed on Chinese goods under former President Donald Trump to make them more “strategic.” “This administration inherited a set of 301 tariffs imposed by the Trump administration that I think really weren’t designed to serve our strategic interests,” Yellen told lawmakers on Capitol Hill Wednesday. While China is guilty of unfair trade practices and the US should be acting to protect its national-security interests, some of the existing tariffs have hurt American consumers and businesses, she said. President Joe Biden’s team is weighing what...