Yellen says lowering U.S. tariffs on Chinese goods 'worth considering'
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[April 23, 2022] By
Andrea Shalal
WASHINGTON (Reuters) -U.S. Treasury
Secretary Janet Yellen on Friday said it was worth considering taking
steps to lower U.S. tariffs on Chinese goods given the "desirable
effects" such a move could have on lowering U.S. inflation, which has
hit 40-year highs this year.
"We want to do everything that we can to lower inflation," Yellen told
Bloomberg TV, citing steps by President Joe Biden to release oil from
the Strategic Petroleum Reserve and moves to address supply chain
disruptions.
Cutting tariffs was also "worth considering," she said. "There would be
some desirable effects. It's something we're looking at," she added.
Yellen's comments come a day after a top White House adviser, Daleep
Singh, suggested the United States could lower tariffs imposed on a host
of non-strategic Chinese goods such as bicycles or apparel to help
combat inflation.
Singh, who serves as deputy national security adviser to Biden, said
tariffs imposed by the Trump administration may have given it some
negotiating leverage, but they served no strategic purpose.
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Lowering those tariffs and focusing on more strategic areas, including
critical technologies, could present a good opportunity, he said.
Inflation is a critical concern for Biden, whose approval ratings are
falling as the costs of energy, food and other staples increase, and his
Democrats are at serious risk of losing their majorities in Congress in
midterm elections in November.
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![](../images/042322pics/busine25.jpg)
U.S. Treasury Secretary Janet Yellen answers questions about the
current and future state of the U.S. and global economy at the
Atlantic Council in Washington, U.S., April 13, 2022. REUTERS/Leah
Millis/File Photo
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Yellen told CNBC in a separate interview that inflation may have peaked in the
United States, but cautioned that prices may remain elevated "for a while
longer."
The No. 2 official at the International Monetary Fund, Gita Gopinath, said at an
event that the risk of fragmentation in the global economy was a key topic
during this week's meetings of IMF and World Bank members.
Many countries were seriously questioning their approach to global trade, how to
shore up their supply chains, and how to protect themselves from hostile trading
partners, she said.
But policies that moved countries to be more "inward looking" could increase
inflationary pressures, she said, urging countries to work together to improve
resilience in a "shock prone world."
"You don't want to throw the baby out with the bath water," she said.
(Reporting by Andrea Shalal and David Lawder; Editing by Bill Berkrot)
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