Prices are not to reduce until the COVID-19 pandemic is over, says Wally Adeyemo

Prices are not to reduce until the COVID-19 pandemic is over, says Wally Adeyemo

Highlights:

  • The COVID pandemic, inflation, and supply chain issues are the existing challenges faced by the Biden administration
  • According to the latest Washington Post/ABC survey disclosed on Sunday, only 41% of supporters approve Biden
  • Wally Adeyemo, U.S. Deputy Treasury Secretary said that prices would reduce once the pandemic will be over

Overcoming the Challenges

President Joe Biden, according to US Deputy Treasury Secretary Wally Adeyemo, is doing his best in difficult times.

The COVID-19 epidemic, supply chain concerns, and inflation are just some of the issues that the Biden administration is dealing with. To make matters worse for the White House, a new poll suggests that the American public is unimpressed with Biden’s performance thus far in office.

According to the latest Washington Post/ABC poll issued on Sunday, only 41% of Americans approve of Biden, continuing a decreasing trend in the president’s approval ratings.

“I believe the president has done everything he can to ensure that we deal with the most pressing issue facing America, which is a pandemic that has killed hundreds of thousands of Americans, and I believe the president has succeeded in doing so,” he said.

“However, we still have work to do in terms of treating the pandemic, and we’ll be facing high pricing in our economy until we fully solve the pandemic,” he continued.

Investments and COVID-19 Vaccination – Plus Factors

Nonetheless, Adeyemo praised Biden’s COVID immunization programme and the White House’s rescue plan investments. It left America “in a better position” both economically and in terms of public health.

Adeyemo underlined the low unemployment rate of 4.8 % and economic growth of 6%, although the economy increased by only 2% in the third quarter after expanding at 6.7 % in the second. These are the reasons to be optimistic, and costs are projected to “moderate as the epidemic moderates,” according to the report.

“The American economy will prosper due to the investments made today, and the president’s economic policy will therefore be effective.”

Earlier on Tuesday, US President Joe Biden and Chinese President Xi Jinping met digitally for the first time since Biden took office in January, in the closest communication between the two leaders.

Following the discussion, both parties issued public comments emphasizing measures to avoid conflict, citing recent points of stress.

According to a White House summary following the discussion, Biden said there was a “need for common-sense guardrails to ensure that competition does not veer into conflict and to maintain lines of communication open.”

During the meeting, Xi stated that three concepts of mutual respect, peaceful coexistence, and win-win cooperation must be followed for China and the United States to get along “in a new era.” When requesting more favorable conditions from the United States, Beijing frequently utilizes phrases like “mutual respect.”

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