Biden: Considering removing some tariffs on Chinese imports

According to the Russian satellite news agency sputniknews, U.S. President Joe Biden said on the 10th that he is considering removing 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 discussions are under way on whether to remove the tariffs. Trump has imposed substantial economic penalties on Chinese goods in favor of American-made goods in his long tit-for-tat trade war with Beijing.

Biden reiterated that the dual effects of the pandemic and the war in Ukraine have caused U.S. prices to rise at their fastest pace 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 does it shut down our global economy, it makes Supply chain and demand are completely out of control. And this year we have a second reason, and that is Putin’s war in Ukraine.”

Biden said the war directly contributed to the rise in oil prices. He said the Fed should and will do everything in its power to curb inflation.