President Joe Biden's administration is reviewing the removal of some tariffs on China and a possible pause on federal gas tax as the United States struggles to tackle soaring gasoline prices and inflation, two top officials said on Sunday.
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 bring down inflation.
Cleveland Federal Reserve Bank President Loretta Mester said inflation will take two years to fall to the central bank's 2% target, "moving down" gradually. "We all recognize that China engages in a range of unfair trade practices that is important to address but the tariffs we inherited, some serve no strategic purpose and raise cost to consumers," she said.
Yellen, however, described inflation as being "unacceptably high" and added that she expected the economy to slow.
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