As U.S. stocks rebounded from a rout on Monday, President Biden said tackling inflation would be his “top national priority.”
In a surprise move, the US president said he was “discussing” ending China’s trade tariffs but had not yet made a decision.
“We’re discussing that right now,” Biden said of lifting trade tariffs against China.
On Tuesday, U.S. oil WTI fell below $100 a barrel amid fears of a slowing global economy.
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The United States has seen the highest inflation in decades, with several sectors facing labor shortages. The US Fed’s policy committee raised the key rate by half a point last week even as Wall Street stocks took a beating on Monday.
Bitcoin fell below $30,000 to hit a ten-month low as the cryptocurrency continued to lose value. The head of the US Federal Reserve had earlier said it would help bring inflation down “to an unacceptably low level”.
Watch: Workers in Europe demand more as inflation bites
Central banks in the UK and Australia also raised interest rates as data showed Chinese exports had slowed to their weakest level in nearly two years.
According to reports, consumer debt and credit rose 1.7% in the United States amid rising mortgage debt and soaring inflation and rates.
Student loans had also soared to $14 billion in the first quarter of the year as consumer price inflation hit 8.5%.
(With agency contributions)