“We are currently looking into the matter,” Biden said when asked about the possible removal of tariffs. “We are discussing it, but no decision has been made yet.”
Biden’s predecessor Donald Trump had subjected an equivalent of about $350 billion worth of Chinese goods to import duties since 2018. But that measure drives up the cost price for American companies that cannot obtain supplies in another country.
For the time being, the current president has left open whether the tariffs would be abolished completely. A reduction in rates is also an option.
Biden also emphasizes that fighting inflation is his “top national priority” but that he cannot control all the causes of inflation. The consequences of the corona pandemic and the war in Ukraine, among other things, are “global in nature, which means that we are seeing historically high inflation in countries around the world,” it sounds.