Biden says Fed targeting inflation, China tariffs could fall

Source: Reuters

“U.S. President Joe Biden, under pressure to tame high inflation, told Americans on Tuesday that he understands what they are grappling with and that he and the U.S. Federal Reserve are working to solve the top issue weighing on his administration. … Biden said the U.S. Federal Reserve should, and will do its job to control it. The U.S. central bank raised interest rates by half a percentage point last week and is expected to roll out additional hikes this year. The president did not announce new policy measures in the speech, which took place a day before new consumer price data is expected to show inflation remained elevated through April. But he did say he was considering eliminating Trump-era tariffs on China as a way to lower prices for goods in the United States. ‘No decision has been made on it,’ he said.” (05/10/22)