- August 18, 2022
- Posted by: Stratford Team
- Category: Economy
Tensions between the U.S. and China are not helping President Joe Biden’s efforts to control inflation, economist Jeffrey Sachs told CNBC’s “Street Signs Asia.”
Sachs, a Columbia University professor and president of the U.N. Sustainable Development Solutions Network, said the Biden administration should not have continued Trump-era tariffs on China.
“Biden’s pretty much following the same anti-China line, almost perhaps even intensifying it relative to Trump” he said. “I think that’s bad for the world for a lot of dangers. It doesn’t help the inflation side.”
Earlier this week, Biden signed the Inflation Reduction Act into law. It includes a corporate tax hike that analysts say “won’t hurt most U.S. companies,” despite strong opposition from business advocacy groups.
“We’re cutting deficit to fight inflation by having the wealthy and big corporations finally begin to pay part of their fair share,” Biden said before signing the bill.
