A White House adviser on Thursday suggested the United States could lower tariffs imposed on a host of Chinese goods such as bicycles or apparel that were not strategic in nature to help combat elevated inflation.

Deputy National Security Adviser Daleep Singh told an event hosted by the Bretton Woods Committee the tariffs imposed by the Trump administration may have created some negotiating leverage, but they served no strategic purpose, and China had similar non-strategic retaliatory tariffs in place.

"So that's the opportunity," he said. "It could be that in this moment of elevated inflation and China having its own very serious supply chain concerns ... maybe there's something we can do there."