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United States President Joe Biden on May 10 acknowledged the pain felt by Americans from the highest inflation in four decades but said it was a “top domestic priority” and was handled by Federal Reserve.
The Fed must do his job and will do his job,” Biden said in his speech at the White House. “I believe that inflation is our main economic challenge at this time and I think they are too.”
The price increase is at the most steep level since the early 1980s, reducing economic optimism when the United States emerged from the cover of the Covid Pandemic and a very good ranking of Biden approval.
Biden said the price surge was mainly caused by a gap in the global supply chain for manufacturing goods because various countries began their economy again with different speeds.
He said that President Vladimir Putin’s decision to attack Ukraine, foster the price of the energy market and greatly interfere with the ability of Ukraine to export agricultural products, as well as bumpy through the US economy.
I know you have to be frustrated … Believe me, I understand frustration, “Democrat said, speaking directly.
The Republican party blames Biden, saying that its policy injects billions of dollars into the US economy at the peak of Shutdown Pandemi spurring the inflation cycle.
Calling “Republican Extreme Agenda,” Biden said “they have done everything to slow down” their efforts to manage economic pressure.
Overcoming other sensitive aspects politically from inflation, Biden said he was considering lifting the trade tariffs worn by his predecessor Donald Trump in China.
Biden is under pressure from several places to delete tariffs in an effort to cut our inflation by making imports cheaper.
Trump imposed a tariff to punish the suspected unfair practice of trade by Beijing. Lift these steps are likely to bring political risks to the White House, which do not want to be labeled weak in China.
