The Biden administration is considering lifting some tariffs on Chinese goods in an effort to combat the current high inflation.
Commerce Secretary Gina Raimondo said on Sunday that President Joe Biden has personally asked her team to look at the option of lifting some tariffs on China that were put into place by former President Donald Trump.
SEEING RED: Biden administration may unravel ‘very effective’ part of Trump's legacy in bid to tame inflationhttps://t.co/qNDaeqnKHj
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“We are looking at it. In fact, the president has asked us on his team to analyze that. And so we are in the process of doing that for him and he will have to make that decision,” Raimondo told CNN in an interview.
This comes as inflation in the U.S. hit a 40-year high in March and is expected to escalate in the coming months.
Meanwhile, Biden claimed recently that soaring gas prices is transitory toward a greener economy, insisting that his administration’s actions helped keep gas prices “from getting worse.”
“When it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,” the president said during a press conference in Japan.
However, Treasury Secretary Janet Yellen admitted that the administration’s prediction had been “wrong.”
“I think I was wrong then about the path that inflation would take,” Yellen told CNN. “As I mentioned there have been unanticipated and large shocks to the economy that have boosted energy and food prices and um, supply bottlenecks that have affected our economy badly, that I didn’t, at the time, understand.”
Due to the rapid inflation and skyrocketing gas prices, Republican National Committee chairwoman Ronna McDaniel said that Americans are suffering from financial strain.
“Paired with historic inflation and shortages for basic goods like baby formula, the rising cost of gas is the result of Joe Biden and Democrats’ anti-U.S. energy agenda,” McDaniel said. “Unfortunately, Biden only plans to make this crisis worse for families by not doing anything.”
Additionally, Democrats are fearing that the dissatisfaction with Biden’s handling of the situation could cost them their majority in Congress during the November 8 midterm elections.
