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President Joe Biden’s administration is considering cutting tariffs on Chinese goods in a bid to fight record high inflation in the United States
Trade Minister Gina Raimondo confirmed the potential move on Sunday, saying Biden had personally asked her team to look into the matter. Inflation in the United States reached a 40-year high in March and is expected to escalate in the coming months.
Some of the tariffs imposed by former President Donald Trump affect household goods that can be bought cheaper from China. Earlier, Raimondo praised some of Trump’s tariffs on China as “very effective.”
“We’re looking at it. In fact, the president has asked his team to analyze this. So, we’re in the process of doing this for him, and he’s going to have to make that decision,” Raimondo told CNN in an interview.
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Commerce Secretary Gina Raimondo speaks to a press briefing at the White House Briefing Room in Washington, DC, Thursday, July 22, 2021 (AP Photo / Andrew Harnik) (AP Photo / Andrew Harnik)
The potential move comes when Biden’s White House is frantically looking for ways to protect inflation. Biden released a three-point anti-inflation plan last week, but even members of his own party criticized him as weak.
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“I support the president’s efforts, but we need a bolder vision and faster action,” California spokesman Ro Han said on Thursday. “To answer the moment, Mr. Biden must convening an emergency task force empowered to reduce prices and address shortages. We need full mobilization, not just a few ad hoc initiatives that respond to headlines. “
Biden’s plan largely calls on the Federal Reserve and Congress to tackle inflation, but there is little executive action by Biden.
US Treasury Secretary Janet Yellen said on Thursday that she was wrong about the path of inflation after months of downplaying the problem. (Alex Wong / Getty Images)
The Biden administration repeatedly insisted last year that inflation would be “transient.” Finance Minister Janet Yellen admitted last week that her prediction was “wrong”.
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“I think I was wrong then about the path that inflation will take. she told CNN at the time. As I mentioned, there were unexpected and big upheavals in the economy that raised energy and food prices and, um, bottlenecks in supplies that affected our economy badly, which I didn’t understand at the time. “
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