US Treasury Tariffs on Chinese Products Serve No US Strategic Purpose, US Treasury Secretary Janet Yellen
Some of the tariffs imposed on Chinese products serve “no strategic purpose” and are being reconsidered by President Joe Biden as a way to reduce inflation.
This was stated by US Secretary of the Treasury Janet Glenn tWhen asked about the tariffs imposed on Chinese products by the previous Donald Trump administration.
“The tariffs we have inherited, some of which do not have a strategic goal and increase costs for consumers,” he explained.
Glenn did not mention a specific product and declined to say when a decision would be made by the White House.
US Treasury Secretary Janet Glenn added that a recession was not “inevitable” in the country, just days after the Fed raised interbank rates.
«“I do not think the recession is inevitable,” Glenn said in an interview with ABC News. He acknowledged, however, that “the economy is slowing down” towards “slow and steady growth”».
Fears of a recession in the US intensified after the historic decision of the Fed on Wednesday to raise interest rates by 75 basis points, in order to stem the galloping inflation.
«(Fed Chairman Jerome) Powell said his goal was to reduce inflation while keeping the labor market strong. This requires talent and luck, but I think it is possible“, Said Glenn, describing”Unacceptable»The level of inflation. “Reducing it is President Biden’s priority,” he said.
The Ministry of Finance claims that the Russian war in Ukraine is one of the reasons why food and fuel prices have risen.
On Wednesday, Powell assured that the Fed “does not seek to cause a recession” but to reduce inflation to 2%, from 5.2% which it estimates will rise this year. Today, however, Loretta Mester, president of the Federal Reserve Bank of Cleveland, told the television network CBS News that it will take two years to reduce inflation to 2%.
Glenn, for her part, said there was good reason to hope that there would be no recession, given that consumer spending remained “very high”. “It is clear that most consumers, even low-income households, have savings that can be used as a bulwark and will allow them to continue spending,” he said. He also noted that the labor market is “very strong (…) undoubtedly at the best level) after World War II.
Responding to household concerns about inflation, Glenn also said that “worth studyingThe proposal for the temporary freezing of fuel taxes.
