![]() ![]() I hope the administration will find a way to do it, " Summers said on NBC News' "Meet the Press." It will take 1% or more off CPI over time, cutting tariffs is the right thing to do. "It will hold down prices enable us to take a more strategic approach when dealing with China. Former Treasury Secretary Larry Summers echoed Adelman's comments earlier Sunday, saying lifting tariffs on Chinese imports was "the right to do." political willingness for a reset in relations.Ī growing number of economists, political observers and analysts have called on the Biden administration to slash tariffs as inflation and recession fears grow. government is reviewing the Trump-era trade tariffs on Chinese goods, a process that was triggered by legal provisions rather than a U.S. economy," Adelman, who is also managing director of KraneShares, said. Not only was there no negative impact on the Chinese economy, it had an impact on the U.S. While former President Donald Trump's trade war with China was popular among American voters on both sides of the aisle in 2018, Adelman said the effort was economically futile and did not create "meaningful" trade benefits. "Many economists are saying that over time, you can have a full 1% decrease in the CPI, something that is very meaningful for American consumers," he said, referring to the consumer price index, a key measure of inflation." "That is the ability to relieve the pressure on the American economy and American consumers that is caused by these very high tariffs rates that are imposed on more than $370 billion annually of Chinese imports." ambassador to Singapore during the Obama administration. "While the president is limited in his ability to control inflation, there is one important tool in his toolbox," said Adelman, who served as U.S.
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