Expert warns cutting tariffs on China is not going to solve the inflation issues: It's ‘not a panacea’
President Biden called to roll back Trump-era tariffs on China to combat inflation
Former Deputy Assistant Treasury Secretary Christine McDaniel comments on President Biden's call to cut tariffs on China to combat inflation.
Former Deputy Assistant Treasury Secretary Christine McDaniel argued on "Mornings with Maria" Tuesday, that, though it "wouldn't hurt" to cut tariffs on Chinese exports, such a move wouldn't "solve the inflation crisis."
CHRISTINE MCDANIEL: Well, in terms of the economics, it wouldn't hurt to roll them back. Taking off almost all the tariffs could shave between point two and 1.8 percentage points off of inflation. So, that's not going to be a panacea. That's not going to solve the inflation crisis. But it wouldn't hurt either. The question is on China, as you say, those Trump tariffs did leave the Biden administration with some leverage. And what has he done with that? What have they done with that so far? We haven't really seen publicly available evidence of much progress. But it's not like tariffs are going to change China's mind and move it from an authoritarian state-based regime to a market-based regime either. Tariffs are limited in scope.
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Former Deputy Assistant Treasury Secretary Christine McDaniel argues President Biden's move to roll back tariffs on China is 'not a panacea' for inflation and weighs in on debate surrounding over whether the U.S. is in a recession.