The Biden Administration is planning to kill two birds with one stone.
To ease record inflation, the Biden White House is reportedly planning to ease tariffs on China a move that would also be a direct hit to former President Trump’s legacy.
Some of the tariffs, imposed by former President Donald Trump, affect household goods that could be purchased more cheaply from China and were even praised as being “highly effective” by Biden’s Commerce Secretary Gina Raimondo said/
Fox News reports:
“We are looking at it. In fact, the president has asked us on his team to analyze that. And so we are in the process of doing that for him and he will have to make that decision,” Raimondo told CNN in an interview when asked about the issue.
The move comes as the Biden White House frantically scrambles to find inflation remedies, however, even Democrat representatives have criticized Biden’s plan.
“I support the president’s efforts, but we need a bolder vision and faster action,” Rep. Ro Khanna, D-Calif, wrote Thursday. “To meet the moment, Mr. Biden shouldconvene an emergency task force empowered to lower prices and address shortages. We need an all-out mobilization, not just a few ad hoc initiatives reacting to headlines.”
The Biden administration repeatedly insisted last year that inflation would be “transitory.” Treasury Secretary Janet Yellen admitted last week that her prediction had been “wrong.”
“I think I was wrong then about the path that inflation would take.” she told CNN at the time. As I mentioned there have been unanticipated and large shocks to the economy that have boosted energy and food prices and um, supply bottlenecks that have affected our economy badly, that I didn’t, at the time, understand.”
Inflation in the U.S. hit a 40-year high in March and is expected to escalate in the coming months.