In an encouraging sign, Mr. Biden has said several times in recent weeks that he’s discussing the tariffs with top advisers and “considering” tweaking them. Removing — or at least reducing — them won’t get inflation from its current level of more than 8 percent back down to the goal of 2 percent, but it would help. Economists at the Peterson Institute for International Economics estimate the move would produce an immediate reduction of 0.3 percent in inflation with the potential for more than a full percentage point decrease in about a year. Many American families are desperate for ways to save wherever they can. Lowering costs on clothes and school supplies, among other products, would be noticeable.
China still doesn’t play fairly on trade. The Chinese government’s anti-competitive practices include subsidizing key industries, failing to protect intellectual property and, worse, making it difficult for foreign firms to enter the market. The best way to force China to change is for Mr. Biden to create strong trade partnerships with other nations to make the United States less reliant on China. The newly announced Indo-Pacific Economic Framework lacks real substance so far and is a poor substitute for the Trans-Pacific Partnership, which Mr. Trump pulled out of and 11 other countries went ahead and signed.
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