• the United States tries to combat rising gas costs and inflation,
• Treasury Secretary Janet Yellen stated that some tariffs on China that were carried over from President Donald Trump’s administration served “no strategic purpose,”
• The president is considering pausing the federal gas tax, according to Energy Secretary Jennifer Granholm, who told CNN that such a move is “not off the table.

As the United States tries to combat rising gas costs and inflation, two top officials said on Sunday that President Joe Biden’s administration is considering the lifting of some tariffs on China and a potential suspension of the federal gas tax.

Treasury Secretary Janet Yellen stated that some tariffs on China that were carried over from President Donald Trump’s administration served “no strategic purpose,” and she added that Vice President Joe Biden was considering reducing them as a strategy to reduce inflation.

The president is considering pausing the federal gas tax, according to Energy Secretary Jennifer Granholm, who told CNN that such a move is “not off the table.”

The remarks come as the Biden administration battles record-high gas costs and inflation, which is currently at its highest level in 40 years.

Inflation will “go down” gradually over the course of two years, according to Cleveland Federal Reserve Bank President Loretta Mester.

Speaking to ABC News, Yellen stated that the administration was examining its China tariff policy, but she did not provide any further details or indicate when a decision may be made.

“We all understand that China participates in a variety of unfair trade practises that are critical to address, but some of the tariffs we inherited have no strategic justification and increase consumer costs,” she said.

In the midst of a fierce trade battle between the two largest economies in the world, Biden has stated he is considering lifting some of the tariffs placed by his predecessor on hundreds of billions of dollars’ worth of Chinese goods in 2018 and 2019.

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