U.S. Treasury Secretary Janet Yellen said some tariffs on China inherited from the administration of former President Donald Trump served “no strategic purpose” and added that Biden was considering removing them as a way to curb inflation.
Energy Secretary Jennifer Granholm said the president was also evaluating a pause on the federal gas tax to bring down prices.
Comments come as the Biden administration struggles to tackle record-high gasoline prices and inflation.
Biden has said he is considering removing some of the tariffs imposed on hundreds of billions of dollars worth of Chinese goods by his predecessor in 2018 and 2019 amid a bitter trade war between the world’s two largest economies.
President Joe Biden has further said a recession is “not inevitable” amid a trade war between the United States and China.
Ex-Treasury Secretary Lawrence Summers, however, says he expects a recession as inflation remains too high.
This report’s information was first seen on Reuters; to read more, click this link.
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