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Inflation

U.S. inflation: Will scrapping China tariffs be the cure?

Impact likely limited but Trump-era tax better gone for other reasons, economists say

The inflation rate in the U.S. hit a 40-year high of 8.6% in May, growing to be a challenge for U.S. President Joe Biden.   © Reuters

NEW YORK -- President Joe Biden's decision to review the legacy of U.S.-China trade war started by his predecessor is now under the spotlight for reasons other than still tense relations between Washington and Beijing: inflation at home.

The inflation rate hit a 40-year high in May as consumer prices surged 8.6%, the Department of Labor said on Friday. From gas to food, rising costs are putting severe pressure on American families.

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