The Treasury Secretary United States , Janet Yellen said on Sunday that some tariffs on China inherited from the administration of former President Donald Trump served “no strategic purpose”, and added that President Joe Biden is reviewing them as a way to reduce inflation.
Other government official Biden Energy Secretary Jennifer Granholm, added that the president is also considering a pause in the federal gas tax as an option to lower prices.
The officials’ comments come as the Biden administration struggles to combat the inflation and records high gasoline prices.
“President Biden is reviewing tariff policy towards China,” Yellen said in an interview Sunday with ABC News.
“We all recognize that China engages in a number of unfair trade practices that are important to address, but from the tariffs we inherit, some do not serve strategic purposes and add to the cost for consumers,” he added.
She did not list any specific tariffs and declined to say when the Biden administration might make a decision.
Biden said he is considering removing some of the tariffs imposed on hundreds of billions of dollars of Chinese goods by his predecessor in 2018 and 2019 amid a bitter trade war between the world’s two biggest economies.
Granholm already told the CNN that a break in the federal gas tax “wasn’t off the table.”
Both Granholm and Yellen reiterated Biden’s position that a recession “It’s not inevitable,” with the Treasury secretary saying the labor market and consumer spending remain strong.
The possibility of the United States, the world’s largest economy, entering a recession has been a growing concern for top executives, the Federal Reserve and the Biden administration.
“The job market is very strong, arguably the strongest in the post-war period,” Yellen told ABC News. She added, however, that she expects the economy to slow down, although she acknowledges that inflation is “unacceptably high”.
Source: CNN Brasil
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