US Treasury Secretary Alan Yellen and energy secretary Glen Holm said on Sunday that the Biden administration is considering the abolition of some tariffs on China and may suspend the federal gasoline tax to help curb soaring gasoline prices and inflation. Yellen pointed out that some tariffs on China continued by the Trump administration do not meet any strategic purpose, and Biden is considering eliminating these tariffs to reduce inflation.
Ye Lun said in an interview with ABC News that the government was evaluating its tariff policy toward China, but did not list the specific contents, and declined to disclose when a decision might be made.
On the other hand, U.S. energy secretary Graham told CNN that Biden was also evaluating the suspension of federal gasoline taxes to reduce prices.
The inflation rate in the United States is currently at a 40-year high. Meister, president of the Federal Reserve Bank of Cleveland, said that the inflation rate will slowly move down, and it will take two years to reach the Fed's 2% target.
Both Graham and Yellen reiterated Biden's position that the economic recession was not inevitable, Yellen said that the labor market and consumer spending remained strong. Mester also said that despite the slowdown in growth, she did not expect a recession.
Former U.S. Treasury Secretary summers told NBC News that he disagreed with the current official's assessment that he expected a recession.
Biden stepped in to alleviate the backlog of export goods and the major reform of U.S. container trade regulations
Recently, the maritime reform act, which was repeatedly mentioned and emphasized by US President Biden, has finally been settled. According to Reuters in Washington, the US House of Representatives passed the maritime reform act on the 13th local time, which aims to improve maritime supervision. Supporters of the Bill said the bill would help curb inflation and ease the backlog of export goods.
It is understood that the maritime reform act has added new provisions to carriers and terminal operators:
1. Shift the burden of proof on the rationality of demurrage from the shipper to the liner company;
2. Prohibit liner companies from unreasonably reducing the export capacity and shipping space of the United States;
3. Liner companies are required to report to FMC the total import and export tonnage and the number of TEUs (including empty and heavy containers) of each ship docked at the U.S. port every quarter;
4. It is forbidden to retaliate against the shipper or threaten to reject the goods.
Biden recently stressed this issue and called on Congress to crackdown on maritime enterprises.
Biden said in a video that one of the main reasons for the rise in transportation costs is that nine shipping companies control the trans-Pacific market and raise prices.
Biden said at the port of Los Angeles that it was time for shipping companies to know that the rip-off should be over. A key way to curb inflation is to reduce the cost of transporting goods through the supply chain, he said
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