President Joe Biden’s Administration is looking to “reconfigure” tariffs imposed on Chinese goods under former President Donald Trump to make them more “strategic,” US Treasury Secretary Janet Yellen told lawmakers on Capitol Hill Wednesday.

Key quotes

“This administration inherited a set of 301 tariffs imposed by the Trump administration that I think really weren’t designed to serve our strategic interests.”

“We are taking a look at those and looking to reconfigure those tariffs in a way that would be more strategic.” 

Tariff reductions “could help to bring down the prices of things that people buy that are burdensome.”

“I honestly don’t think tariff policy is a panacea with respect to inflation.”