U.S. President Joe Biden said he knew people were suffering from high prices, saying tackling inflation was his domestic priority, according to Reuters and The New York Times. Biden also revealed that he is considering canceling the “punitive measures” imposed by Trump’s tariffs on China in order to reduce the price of American goods. However, he “has not made any decisions yet”. The measures have raised prices on everything from diapers to clothing and furniture, and he added that it’s possible the White House could choose to lift them entirely. Biden said the Fed should and will do everything in its power to curb inflation. The Federal Reserve raised interest rates by half a percentage point last week and is expected to raise rates further this year.

Biden reiterated that the dual effects of the epidemic and the Russian-Ukrainian conflict have caused U.S. prices to rise at the fastest rate since the early 1980s. “I want every American to know that I take inflation very seriously,” Biden said. “The number one cause of inflation is a once-in-a-century epidemic. It not only shuts down the global economy, it also shuts down supply chains. And demand is completely out of control. And this year we have a second reason, and that is the Russian-Ukrainian conflict.” The report said that Biden was referring to the war as a direct result of the rise in oil prices.

The U.S. imposition of tariffs on China has been strongly opposed by the U.S. business community and consumers. Due to the sharp increase in inflationary pressures, there has been a resurgence of calls in the United States to reduce or exempt additional tariffs on China recently.

The extent to which weakening Trump-era tariffs on Chinese goods will reduce inflation remains a matter of debate among many economists, CNBC reported. But many see easing or eliminating punitive tariffs on China as one of the few options available to the White House.

Relevant experts said that there are two reasons for the hesitation of the Biden administration: first, the Biden administration is afraid of being attacked by Trump and the Republican Party as being weak toward China, and imposing tariffs has become a kind of toughness toward China. Even if it is unfavorable to the United States itself, it does not dare to adjust its posture. Second, different departments within the Biden administration have different opinions. The Ministry of Finance and the Ministry of Commerce are requesting the cancellation of tariffs on some products, and the Office of the Trade Representative insists on conducting an assessment and passing the Tariffs to change Chinese economic behavior.