Facts

• The US and China held talks on Mon. to discuss the major challenges facing the global economy amid speculation that the Biden admin. might move to lift some Trump-era tariffs to ease inflation and boost growth.
• US Treasury Sec. Janet Yellen and China's Vice Premier Liu He, Beijing's top economic official, spoke on the phone, discussing the "impact of Russia's war against Ukraine on the global economy and unfair, non-market PRC economic practices," according to the US Treasury Dept. readout.
• China's Ministry of Commerce called the talks "pragmatic and frank" and expressed concerns regarding US tariffs and sanctions against Chinese firms, adding that both sides had agreed to continue dialogue.
• Some outlets reported that Biden is currently considering lifting tariffs on around $10B worth of goods out of about $370B sanctioned by Trump.
• The official US statement regarding the talks did not, however, mention lifting tariffs.
• The talks come amidst soaring inflation rates in the US, with prices for consumer goods rising at their fastest rate in over 40 years.