The Biden administration is considering removing the Trump-era tariffs against China which caused the former president to call such a move “the greatest gift that China could ever receive.”
Publicly President Biden is claiming that easing the restriction on our trading partner would ease inflation.
Former U.S. ambassador David Adelman is making the rounds on cable news claiming that lifting the sanctions would decrease inflation by 1% over time. He went on to say that even this small reduction would help President Biden in the midterms.
Economists disagree with Adelman, however. One scholar Derek Scissors points out that inflation is in gas, food and lodging — none of which are imported from China.
President Biden has been releasing oil from the strategic oil reserve to fight the rising price of fuel. As part of the latest release, over 5 million barrels were sent overseas.
Almost a million barrels were sold to the Chinese company Sinopec, which is owned by the Chinese Communist Party (CCP). Hunter Biden’s private equity company BHR Partners owns a portion of Sinopec.
Regardless of the ethical considerations of this arrangement, it is bad optics for the president. Easing restrictions on the CCP will play into the narrative that Biden is bought and paid for by China.
It will be difficult enough for the Biden administration to explain how oil from our Strategic Oil Reserve ended up going to the CCP, especially given the fact that China continues to reveal itself as our main strategic adversary.
The Biden administration is getting desperate to be able to show some action on inflation. The public is not buying the previous explanations trying to pin it on Russia.