The Biden administration is considering canceling tariffs on Chinese goods in order to curb inflation, but no decision will be made before next week's G7 summit.

Biden’s advisers are studying the Trump-era tariffs on hundreds of billions of US dollars worth of Chinese goods, many of which lack strategic value. However, the final scale of the decision hasn’t been determined.

Treasury Secretary Janet Yellen said that Biden is reviewing the tariffs toward China, including the revision of the Section 301 tariffs. Details related to the tariff plan will be announced in the next few weeks.