U.S. media: Biden says it is possible to cancel some Trump-era tariffs on Chinese products to fight inflation
[Global Web Report] US CNBC just reported that Biden said on the 10th that he may cancel some tariffs imposed on Chinese imports to help control rising consumer prices in the United States.
In a speech to the nation in Washington on the 10th, Joe Biden said the White House was reviewing the "punitive measures" imposed during former President Trump's administration that raised prices on everything from diapers to clothing and furniture. It is possible that the White House chooses to cancel the above measures entirely.
"We're looking at what's going to have the most positive impact," Biden said, adding that whether to remove the tariffs is under discussion.
Trump has slapped a slew of economic penalties on Chinese goods in favor of U.S.-made goods in his long-running tit-for-tat trade war with Beijing.
The extent to which the lifting of Trump-era tariffs on China would cool inflation is a matter of debate among economists, but many said that for a White House eager to use all available leverage to cut costs, the report said, Lowering or completely eliminating tariffs on China is one of the few options.
According to the report, Biden reiterated that the dual effects of the epidemic and the war in Ukraine have caused U.S. prices to rise at the fastest rate since the early 1980s.
"I want every American to know that I take inflation very seriously," Biden said. "The number one cause of inflation is a once-in-a-century pandemic. Not only has it shut down our global economy, it has The supply chain and demand are completely out of control. And this year we have a second reason, that is Putin's war in Ukraine," the report said, referring to the war as a direct result of the increase in oil prices.