US reviews tariffs on China for not having a "strategic purpose"

US reviews tariffs on China for not having a “strategic purpose”

The comments come as the Biden administration struggles to tackle record gasoline prices and inflation, now at 40-year highs.

The president of the Cleveland Federal Reserve, Loretta Mester, assured that it will take two years for inflation to move to the central bank’s 2% target, “falling” gradually.

Yellen, speaking to ABC News, said the administration was reviewing its tariff policy on China, but gave no details and declined to say when a decision might be made.

“We all recognize that China engages in a number of unfair trade practices that are important to address, but the tariffs we inherit, some serve no strategic purpose and increase costs for consumers,” he said.

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