[Asia Economy Reporter Park Byung-hee] U.S. President Joe Biden, visiting Japan, said he believes the U.S. economy can avoid a recession. President Biden stated that the risks facing the U.S. economy are not more severe than those faced by most other countries in the world, including China.
According to Bloomberg and other sources on the 23rd, President Biden said at a press conference in Tokyo, Japan, that he does not think a recession in the U.S. economy is inevitable.
President Biden mentioned the high inflation and supply chain disruptions caused by Russia's invasion of Ukraine, saying that while the U.S. economy has problems, the situation is better than that of most other countries, including China.
When asked if the U.S. economy cannot avoid a recession, he firmly answered no.
President Biden acknowledged that supply shortages and high energy prices are causing pain to American households and said the government is working to ease the burden on U.S. consumers. However, he added that there seems to be no immediate solution and the pain will continue for some time.
President Biden also said he is considering lifting some tariffs on Chinese goods to lower inflation.
The U.S. imposed tariffs on more than 2,200 Chinese products during the Donald Trump administration in 2018 amid trade conflicts with China. President Biden has reduced the number of products subject to tariffs but maintains the policy of imposing tariffs.
In U.S. political circles, voices calling for the removal of tariffs on China are growing, arguing that these tariffs are a factor in raising U.S. inflation. U.S. Treasury Secretary Janet Yellen has expressed support for removing tariffs on China.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
