Biden sets inflation agenda; discusses end to China tariffs

Edited By: Rustam Roy
Washington Updated: May 10, 2022, 10:43 PM(IST)

(File photo) US President Joe Biden Photograph:( Reuters )

Story highlights

The US has witnessed the highest inflation in decades as several sectors face a shortage of workers. The US Fed's policy committee had last week raised the key rate by a half point even as Wall Street stocks took a battering on Monday.

As the US stocks rebounded after a rout on Monday, President Biden declared that battling inflation will be his "top domestic priority".

In a surprise move, the US president said he is "discussing" an end to China's trade tariffs but hasn't reached any decision yet.

"We're discussing that right now," Biden said on lifting trade tariffs against China.

On Tuesday, US WTI oil fell below $100 per barrel amid fears of a slowdown in the global economy.

Also Read: UK's convenience store chain McColl's goes bust due to inflation

The US has witnessed the highest inflation in decades as several sectors face a shortage of workers. The US Fed's policy committee had last week raised the key rate by a half point even as Wall Street stocks took a battering on Monday.

Bitcoin fell under $30,000 to reach a ten-month low as the cryptocurrency continued to lose its value. The US Federal Reserve official had said earlier that it would work to bring down "unacceptably high" inflation.

Watch: Workers in Europe urge for more as inflation bites

Central banks in the UK and Australia had also increased interest rates as data showed China's export had slowed to its weakest in nearly two years.

According to reports, consumer debts and credit rose 1.7 per cent in the US amid housing debt and zooming inflation and rates.

Student loans had also climbed to $14 billion in the first quarter of the year as consumer price inflation touched 8.5 per cent.

(With inputs from Agencies)

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