Biden has the means to reduce inflation. Why isn’t he acting?

President Biden says that combating inflation is his “top domestic priority.” But he certainly isn’t acting that way. He has in plain sight several measures that would reduce inflation significantly, and yet appears hesitant to take them. As many distinguished economists have noted, the repeal of most or all of Donald Trump’s tariffs would be the single most effective way of reducing inflation in the near future.

As a reminder, a tariff is a tax on goods paid by the U.S. consumer who buys those goods. It is by definition inflationary; it raises the price of a good such as an imported car. But it causes even more inflation than that, because it raises the price of the domestically made equivalent goods as well. If a Mazda sells for more, then Ford and General Motors also tend to raise prices on their cars.

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