President Joe Biden is reviewing Washington’s tariff policy toward China, U.S. Treasury Secretary Janet Yellen said on Sunday, signaling the end of some Trump-era tariffs amid record-high inflation.
“We all recognize that China engages in a range of unfair trade practices that it’s important to address. But the tariffs we inherited, some serve no strategic purpose and raise costs to consumers,” Yellen said in an interview with ABC News.
“And so, reconfiguring some of those tariffs so they make more sense and reduce some unnecessary burdens is something that’s under consideration,” she added.
Biden has previously said that his administration was considering removing some trade tariffs imposed on China as measures designed to help reduce pressure from record inflation in the United States….