ANI
06 Jul 2022, 00:07 GMT+10
Washington [US], July 5 (ANI): US President Joe Biden can lift the tariff on some Chinese imports in an effort to slow down the soaring rates of inflation.
The Biden administration is wrapping up a mandatory review of tariffs on Chinese imports, which were earlier imposed by former President Donald Trump, The New York Post reported.
American businesses and labour unions that have favoured keeping the tariffs in place will have to give their comment by Tuesday before the administration announces a final decision on this.
Biden has repeatedly postponed plans to cut tariffs due to policy disagreements among his own senior aides and Cabinet secretaries, The New York Post reported citing the Wall Street Journal.
Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo are reportedly in favour of reducing tariffs because they view them as ineffectual in addressing alleged trade practices by Beijing.
While the US Trade Representative Katherine Tai and national security adviser Jake Sullivan were in favour of keeping the tariffs in place as a tool to exercise leverage over China.
Biden hopes that lifting tariffs will reduce the cost of consumer goods that have risen sharply in the last year due to record levels of inflation, reported The New York Post.
In May, the consumer price index remained at a sky-high clip of 8.6 per cent, the highest since 1981, thanks to skyrocketing oil prices as well as the rising cost of food, rent and health care.
The 8.6 per cent year-over-year figure is higher than the 8.3 per cent that was predicted by analysts and exceeded the 8.3 per cent posted in April when it dipped from 8.5 per cent in March, according to the New York Post.
The Personal Consumption Expenditures price index, the Fed's preferred gauge for inflation, rose 6.3 per cent in May, according to Commerce Department data released on Thursday.
The reading showed that inflation is a persistent threat to the economy. The economists doubt that lifting tariffs will have a considerable effect on inflation.
Meanwhile, China has demanded that Washington must ease tariffs on its imports.
"With inflation rates running high across the globe, the US needs to lift all the additional tariffs imposed on China, as this will serve the interests of businesses and consumers and benefit both countries and the world at large," Chinese Foreign Ministry spokesman Wang Wenbin told reporters on June 15. (ANI)Get a daily dose of New York Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New York Telegraph.
More InformationNEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
(Photo credit: Jeffrey Becker-Imagn Images) Longtime NFL executive Tim Rooney, the nephew of Pittsburgh Steelers founder Art Rooney...
(Photo credit: Kyle Terada-Imagn Images) With the New York Knicks coming off their first conference finals appearance in 25 years,...
(Photo credit: Eric Canha-Imagn Images) The New York Yankees placed relief pitcher Mark Leiter Jr. on the 15-day injured list on...