CNBC says that US Treasury Secretary Janet Yellen said on Wednesday that she agrees that some of the Trump administration’s tariffs on China should be lowered. This would help ease the strain that rising inflation is putting on the US economy.
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During a press conference in Germany before the G7 meeting of finance ministers, reporters asked Fed Chair Janet Yellen about President Trump’s trade dispute with China. “Some of them seem to have hurt consumers and businesses more than others,” she said. Yellen said of Trump’s tariffs, “They’re not very strategic in that they don’t solve the real problems we have with China, such as bad supply chains, worries about national security, or unfair trade practices.”
The Treasury Secretary says that lowering tariffs on China could be good for both consumers and businesses, not just because China has a high inflation rate. By saying that there are “various points of view,” she implied that the US government could have different ideas about this. “Higher food and energy prices are causing stagflation,” Fed Chair Janet Yellen said, referring to the conflict between Russia and Ukraine. “This shows that productivity and consumption are going down, but inflation is going up worldwide. She said that Putin’s choice to start a war in Ukraine is the leading cause of inflation worldwide. She says that this has led to “higher prices for energy, food, and other goods. Even though Americans shouldn’t expect relief at the pump right away, Yellen thinks that rising global oil supplies will help in the long run.
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