“My biggest national priority”. Joe Biden promised on Tuesday May 10 to do everything to stem the rise in prices which is weighing on households (and on his popularity). On the other side of the Atlantic, gasoline prices at the pump reached a new record the same day due to the war in Ukraine.
“I want every American to know that I take inflation very seriously”, underlined the American president, who incriminated the Covid-19 pandemic and the conflict in Ukraine. After announcing a drop in internet subscription prices on Monday, Joe Biden this time insisted on the role of “the Federal Reserve (Fed), which plays a vital role in the fight against inflation in our country”. The US central bank has already started to raise its key rates to slow consumption and investment.
Towards a lifting of customs duties on Chinese products?
Joe Biden was also asked about the possibility of removing customs duties imposed by his predecessor Donald Trump on the equivalent of 350 billion Chinese goods annually, which could slow the rise in prices. “We are discussing it, no decision has been made yet”said the White House host.
With the approach of the mid-term elections and afflicted with a mediocre popularity rating, Joe Biden must reassure Americans who are unconvinced by his economic policy. The Republicans do not fail to recall that inflation had started to climb long before the war in Ukraine.