“Tariffs are not a driver of today’s inflation,” a bipartisan group of senators wrote in a letter to President Joe Biden. “Chinese imports make up only 2 percent of goods included in the Consumer Price Index (CPI).”
“‘In closing, we note that the tariffs are not a driver of today’s inflation. Not only do the tariffs predate the current inflation by over three years, but Chinese imports make up only 2 percent of goods included in the Consumer Price Index and would not materially reduce inflation.’”
The senators noted that “much of the inflation we are seeing relates to fuel RB00, -0.13% and food PBJ, +1.09% — sectors that are unrelated to imports from China.” Among the nine senators who signed the letter to Biden were three Democrats — Sherrod Brown of Ohio, Bob Casey of Pennsylvania and Elizabeth Warren of Massachusetts — and six Republicans: Mike Braun of Indiana, Kevin Cramer of North Dakota, Jim Inhofe of Oklahoma, Rob Portman of Ohio, Mitt Romney of Utah and Rick Scott of Florida.
The Biden administration has eased some Trump-era tariffs on other countries’ goods, but economists have said more could be done and it would help with high U.S. inflation. Economists have long said that tariffs are a tax on consumers.
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