Biden administration intends to lift punitive tariffs on China

U.S. inflation hit a 40-year high, making it the top issue that a Biden administration must address. In response, two senior U.S. officials said on June 19 that the Biden administration intends to lift punitive tariffs on China and may suspend federal gasoline taxes to curb rising gasoline prices and inflation. WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen revealed that President Joe Biden is considering rolling back high tariffs imposed by the previous administration on Chinese imports, arguing that the tariffs are "not strategic" and instead make U.S. consumers sufferers. Separately, Energy Secretary Jennifer Granholm told reporters that Biden is also evaluating a moratorium on federal gasoline taxes in an attempt to drive down gasoline prices. Recently, the average retail price of gasoline per gallon in the United States broke through the $5 mark, a record high. Yellen gave no specifics in the interview and declined to say when a decision might be made. She stressed that China has adopted a series of unfair trade practices that must be addressed, but they have inherited tariffs from the previous administration, some of which are actually not strategic, and American consumers will have to pay for them.