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On May 18 local time, the National Retail Federation called on the Biden administration to reduce or eliminate tariffs on China in response to high inflation.
The association said that the elimination of Trump-era tariff policy could reduce prices by 1.3%. Affected by the trade war, U.S. importers have been forced to pay an additional $136.5 billion in tariffs, and this part of the cost has eventually been transferred to the consumer side and passed on to consumers.
