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The Biden administration is planning to drop some of the tariffs imposed against Chinese imports to help control rising consumer prices in the US.
On Tuesday, President Joe Biden spoke about his plan to fight inflation and lower costs for working families, in the South Court Auditorium of the White House. CNN reported, that when asked by a reporter if he would drop the tariffs on China imposed by former President Donald Trump, Biden said, “We're discussing that right now. We're looking at what would have the most positive impact.”
When questioned on whether he would lower or erase the tariffs, Biden said, “I didn't say that. I’m telling you we're discussing it and no decision has been made on it.”
Trump’s tariffs
The penalties imposed on Chinese goods, under former President Donald Trump, raised prices on everything from diapers to clothing and furniture.
Previously, US Treasury Secretary Janet Yellen had said that lifting tariffs on certain Chinese goods could help alleviate the high inflation that has taken hold across the US in 2022.
The core personal consumption expenditures (PCE) price index, rose to 6.6% annually, in March, according to the Bureau of Economic Analysis.
The US government has already reinstated tariff exemptions on 352 Chinese products that were brought into effect by the Trump administration.
Source - CNN
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