U.S. Trade Representative Katherine Tai told the U.S. Senate on Wednesday that “the China tariffs are a significant piece of leverage,” while President Joe Biden is considering lifting some tariffs on Chinese goods to fight inflation.
The Trump administration imposed up to 25 percent tariffs on Chinese imports in 2018 and 2019, since an investigation concluded the Chinese regime engaged in excessive government subsidies, intellectual property theft, and other unfair trade practices.
Inflation measured by the consumer price index hit a 41-year high of 8.6 percent in May, according to the New York Federal Reserve’s survey results on June 13.
President Joe Biden departs the White House in Washington on June 8, 2022. (Win McNamee/Getty Images)
Biden said on June 18 that he would speak with Chinese leader Xi Jinping “soon,” and that his administration is considering lifting some tariffs on Chinese goods to curb inflation….