U.S. President Joe Biden speaks as he hosts the Main Economies Discussion board on Vitality and Local weather Change (MEF) within the South Courtroom Auditorium on the White Home Advanced in Washington, U.S., June 17, 2022. REUTERS/Evelyn Hockstein
REHOBOTH BEACH, Del., June 20 (Reuters) – U.S. President Joe Biden mentioned on Monday {that a} resolution on whether or not to pause a federal gasoline tax may come by the tip of this week, as america struggles to deal with hovering gasoline costs and inflation, now at its highest in 40 years.
Talking a day after Vitality Secretary Jennifer Granholm mentioned the president was evaluating pausing the tax briefly, Biden instructed reporters: “Sure, I’m contemplating it. I hope I’ve a choice primarily based on knowledge I’m searching for by the tip of the week.”
Granholm instructed CNN on Sunday the president was evaluating a pause on federal fuel tax to deliver down costs, including that such a transfer was “not off the desk”. learn extra
The pause of the federal gasoline tax is amongst numerous choices being thought of by the Biden administration to manage inflation and surging fuel costs.
The president additionally mentioned his workforce can be sitting down with oil and fuel corporations to get solutions. “I need an evidence from them on why they aren’t refining extra oil,” he mentioned.
Treasury Secretary Janet Yellen mentioned on Sunday some tariffs on China inherited from the administration of former President Donald Trump served “no strategic goal” and added that Biden was contemplating eradicating them too as a strategy to deliver down inflation. Biden mentioned on Saturday he was within the course of of constructing up his thoughts on easing U.S. tariffs on China and deliberate to talk with Chinese language President Xi Jinping quickly.
Biden additionally reiterated on Monday that he felt a U.S. recession was not inevitable, including he had spoken to former U.S. Treasury Secretary Lawrence Summers who instructed NBC Information on Sunday he anticipated a recession.
Whether or not america, the world’s largest economic system, will slip right into a recession has been a rising concern for chief executives, the Federal Reserve, and the Biden administration. learn extra
The surge in inflation has made hawks of practically all Federal Reserve policymakers, solely one in every of whom dissented earlier this week in opposition to what was the central financial institution’s greatest charge improve in additional than 1 / 4 of a century. learn extra
Reporting by Nandita Bose; writing by Kanishka Singh; Enhancing by Sandra Maler
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