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Tags: treasury secretary janet yellen | inflation | chinese tariffs | congressional testimony | biden 2023 budget

Yellen: Tariff Cuts Not a 'Panacea' for Easing Inflation

Yellen: Tariff Cuts Not a 'Panacea' for Easing Inflation
Department of the Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee during a hearing on Proposed Fiscal Year 2023 Budget on Capitol Hill in Washington, Wednesday, June 8, 2022. (AP Photo/Jose Luis Magana)

Wednesday, 08 June 2022 01:13 PM EDT

U.S. Treasury Secretary Janet Yellen said on Wednesday that some tariff reductions on Chinese imports may be warranted, but such cuts are not a "panacea" for easing high inflation.

Yellen told a U.S. House of Representatives Ways and Means Committee hearing that the Biden administration was examining how to reconfigure some of the Section 301 tariffs on Chinese goods imposed by former president Donald Trump to be "more strategic" to address China's trade abuses.

"I want to make clear I honestly don't think tariff policy is a panacea with respect to inflation," Yellen said in response to a question on tariffs. "Goods account for only a third of consumption and it's not clear exactly what the incidence and pass through would be" from tariff cuts to consumers.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. Treasury Secretary Janet Yellen said on Wednesday that some tariff reductions on Chinese imports may be warranted, but such cuts are not a "panacea" for easing high inflation.
treasury secretary janet yellen, inflation, chinese tariffs, congressional testimony, biden 2023 budget
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2022-13-08
Wednesday, 08 June 2022 01:13 PM
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