Former U.S. ambassador says lifting China tariffs could slash inflation by 1% over time, help Biden in midterms

The removal of tariffs on Chinese goods will reduce inflation in the U.S. and help President Joe Biden in the election.

In the fall, inflation will be the top issue in the U.S., according to a CNBC report.

While the president is limited in his ability to control inflation, there is an important tool in his toolkit.

It's possible to relieve the pressure on the American economy and American consumers that are caused by the high tariffs that are imposed on Chinese imports.

A full 1% decrease in the consumer price index is something that is very meaningful for American consumers according to many economists.

Donald Trump's trade war with China was popular among American voters on both sides of the aisle, but it didn't create meaningful trade benefits.

The proof is in the pudding. It had an impact on the U.S. economy. It has acted as a negative for the US economy.

The economy is going to be the most important issue in the election. The president should try to ease the pressure. Good economics should be good politics.

Legal provisions triggered the review of the trade tariffs on Chinese goods by the U.S. government.

As inflation and recession fears grow, a growing number of economists, political observers and analysts want the Biden administration to cut tariffs. The former Treasury Secretary said lifting tariffs on Chinese imports was the right thing to do.

It will help us deal with China in a more strategic way. Cutting tariffs is the right thing to do since it will take 1% or more off the consumer price index. I hope the administration will be able to find a way to do it.

Some tariffs on China didn't serve a strategic purpose, and Biden was considering removing them as a way to cool inflation, according to Treasury Secretary Janet Yellen.

China did not meet the targets set by the US in the trade deal.

Katheryn Russ said in an analysis that the U.S. imposed tariffs on Chinese goods in the year after.

In March, Chad Bown said that China had not purchased any of the additional $200 billion of U.S. exports it committed to buying.

Mark Williams, Capital Economics chief Asia economist, said in a note last week that the Chinese economy had been hurt by tariffs.

The Chinese firms were able to evade them by re-routing shipments to third countries. As much as half of the drag could have been mitigated by this.

The former ambassador said that Biden could remove certain tariffs without the need for congressional approval.

He could either order temporary exclusions to certain tariffs or sign an executive order to lift the tariffs.

Not only will removing tariffs be good for American consumers in the short run and over time, it will help the President reset U.S.-China relations.

Consumers in the US will reward him for doing that.

It will help the president reset the U.S.-China relationship if tariffs are removed.

It would be a good thing for the biggest economy of the world to have economic engagement with another country.

The director of the Wilson Center's Kissinger Institute on China and the U.S. was skeptical about Washington's push to lift tariffs.

He said the political pressure to stay tough on China would outweigh Biden's desire to look after consumers.

He would get a lot of pressure from Republicans, who would call him soft on China, if he lifted the tariffs without getting anything from China.

Williams was unsure if abolishing tariffs would help tame inflation. He said it would only reduce the consumer price index by a small amount.

He told CNBC that putting the tariffs on didn't cause inflation to increase much.