The new date is Jun 5, 2022.
Secretary of Commerce Gina Raimondo told CNN on Sunday that the Biden Administration is considering ending some tariffs on Chinese goods in order to control inflation.
Commerce Secretary Gina Raimondo testifies before a Senate Appropriations Subcommittee on Commerce.
Raimondo told Jake Tapper on State of the Union that President Joe Biden asked her and other administration officials to look into the possibility of removing some tariffs on Chinese imports.
The administration decided to keep tariffs on steel and aluminum to protect the domestic steel industry, but it may make sense to lift tariffs on products like household goods and bicycles.
Biden will have to make that decision.
The tariffs launched by Donald Trump against Chinese goods were blamed for depressing U.S. stock prices and increasing the prices of consumer goods. The U.S. has accused China of dumping onto global markets at low rates. The tariffs were expanded to include consumer goods. In 2020, China and the Trump Administration signed a Phase One trade deal, under which China agreed to purchase an additional $200 billion of U.S. goods annually. Biden left in place tariffs on over $360 billion of goods after reversing some of his predecessors tariffs. China's apparent failure to meet the terms of the Phase One deal could make it harder for the Biden Administration to justify a complete easing of tariffs.
70% of Americans think inflation is a big problem, more than twice the number who think of racism, infrastructure problems, unemployment and the Co. In April, the month-to-month inflation was higher than the forecast but still lower than the record-breaking increases that dominated headlines over the previous eight months. In April, prices increased 8.3% from the same month one year prior, down from March's 8.5% year-over-year increase, the first month-over-month decline since August 2011. According to the BLS, the average price of gas in the US fell 6.1% in April, but rose to a record high on Sunday.
A majority of Americans think inflation is a big problem.
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