U.S. Treasury Chief: Biden Considering Gas Tax Holiday, Chinese Tariff Cut

Chosun Ilbo | Jun 20, 2022 at 10:13 AM
  • U.S. President Joe Biden is considering declaring a federal gas tax holiday and curbing some tariffs on imported Chinese goods to help Americans cope with the surging cost of consumer goods, Treasury Secretary Janet Yellen said Sunday.
  • Analysts point to a variety of causes for the inflation: strong consumer demand, Russia’s invasion of Ukraine, worldwide supply chain disruptions and sizable government payments to most American consumers that put extra cash in their pockets as the coronavirus pandemic swept into the country.