Biden ‘looking at’ cutting tariffs on Chinese imports

PRESIDENT Joe Biden’s commerce chief said it “may make sense” to slash duties on some goods to tame the hottest inflation in almost four decades.

“Steel and aluminum – we’ve decided to keep some of those tariffs because we need to protect American workers and our steel industry,” Gina Raimondo said yesterday. “There are other products – household goods, bicycles – it may make sense,” she said, when asked if the US would consider ending levies on billions of dollars of imports from China.

“I know the President is looking at that,” Raimondo said. “Anyone who brings him a good idea that he thinks will help American families, he’s open to doing it.” Biden’s team is weighing what to do with former President Donald Trump’s tariffs on about $300bn (£240bn) of goods imported from the US economy’s biggest rival.

Treasury Secretary Janet Yellen in April suggested the US is open to roll them back to help tame price growth.

The Peterson Institute for International Economics estimated in March that eliminating a wide array of tariffs, including those on Chinese goods, could reduce inflation 1.3pc.