Biden admin focuses on easing Trump sanctions on China to reduce consumer spending
Joe Biden said Tuesday that in an effort to reduce consumer prices, he could end some of the tariffs imposed on China by outgoing President Donald Trump.
During his address to the nation from the White House, Biden said, “I am aware that families across the United States are suffering from inflation.” “I want every American to know that inflation is my highest internal responsibility and I take it very seriously.”
In response to a reporter’s question, Biden said he was debating the Trump administration’s decision to remove tariffs on China, but added that he believed tariffs were “necessary.” We are considering what will be the best effect. “
Trump has imposed a number of financial sanctions on China, pushing up prices of consumer goods such as furniture and clothing. CNBC writes that analysts are divided over whether reducing the tariffs will increase inflation, but removing tariffs is one of the few options the White House wants to reduce prices.
“The primary cause of inflation is a century of epidemics,” Biden said. Not only has it shut down the world economy, it has completely eroded the supply chain and demand. In addition, he said, “and this year we have a second reason: Putin’s war in Ukraine.”
Asked if he was responsible for the rising costs, Biden said, “No.” “All three hands of the government are under our control,” he said. In fact, we don’t. “
Additionally, he argued that the slim congressional majority of Democrats makes it difficult to draft budget bills. Biden told reporters he could not predict when costs would begin to fall.
“It depends on who the economists you are talking to – by the end of this year, and others think it will climb next year,” he explained. “Others, however, believe it will decline towards the end of the year, towards the end of the calendar year. I don’t know, but I’m aware of what we need to do to make sure we can bring it down. “
If Biden finally removes tariffs on China, he will surely face questions about his son Hunter’s alleged relationship with Beijing and the appearance of a conflict of interest.
According to a recent report by the Washington Examiner, Hunter Biden, who objected to the sale of his father’s influence and access during his tenure as Vice President under President Obama, was listed as the owner of a Chinese government-linked Linked Investment firm about four months later. Said he had divided.
Investigators said business records from China’s National Credit Information Publication System revealed that an LLC, Scanetals, a BHR partner who was wholly owned by Biden, had a 10% shareholder.
As the 2020 Democratic presidential nominee, Joe Biden guaranteed that no member of his family would have financial ties to a foreign company or nation.
As president-elect in December 2020, Joe Biden stated that his family would “not engage in any business, enterprise that shows conflict or conflict with an acceptable distance from office and government.”
The opinions expressed by contributors and / or content partners do not necessarily reflect their own and not necessarily those of WayneDupree.com.
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