annualised rate in March – the highest level seen in the US since the infamous “stagflation” of the 1970s.
Whatever their cause, higher prices have put the US government in a bind. By most economic indicators, the American economy is simply booming, but these successes are offset, politically at least, by rampant inflation. Because of the trade war, tariffs on imports from China are six times higher than before 2018, covering roughly US$335 billion of trade from diapers and eggs to metals and machinery.
Biden has said that he would consider dropping some of the tariffs to help control rising consumer prices. President Joe Biden, left, speaks as he meets virtually with Chinese President Xi Jinping. Secretary of State Antony Blinken, centre, and Treasury Secretary Janet Yellen, right, also participated in the meeting.
The idea is to level the playing field. We have removed many items, most we will not.
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