President Joe Biden said he could drop some of the tariffs imposed against Chinese imports to help control rising consumer prices in the U.S. — just as Wall Street braces for another inflation report north of 8%.

The White House has begun to review penalties that were imposed on former Presidents Donald Trump — which raised prices on everything from diapers to clothing and furniture — and could opt to remove them altogether, Biden said in addressing the nation from Washington on Tuesday.

Biden stated that they are currently discussing the possibility of removing tariffs.

Trump instigated a torrent of financial penalties against Chinese goods as part of a lengthy tit for tat trade conflict with Beijing to boost American-made products.

Economics experts disagree about the degree to which Trump’s Chinese taxes would lower inflation. But many economists say that the White House has few choices but to raise or remove tariffs.

Reiterating that the combination of Covid-19 protocol at home and overseas, along with Russian President, is necessary, the president stated again. Vladimir Putin’sInvasion of Ukraine caused American prices to soar at their highest rate since 1980.

Biden declared, “I want everyone in America to know I take inflation seriously.” The first thing that causes inflation is an once-in-a lifetime pandemic. This not only shut down our global economic system, but it also throw supply chains and demands completely off their feet.

He added that “And this is the second reason: Mr. Putin’s war in Ukraine.” This refers to the drastic rise in oil prices caused by Moscow’s earlier attack in 2022.

West Texas crude futures may be well above the $130/barrel mark seen in March. But, contracts for June delivery are currently trading around $100. This is $30 less than they were at their beginning of this year.

President Trump noted that war had also led to an increase in the price of key foods like corn and wheat, up by 40% and 30% respectively, by 2022. Together, Russia and Ukraine supply over 25% of all world wheat.

Economists say the combination of the pandemic — especially China’s recent, and severe, efforts to curb rising cases there — and the war in Ukraine are both to blame for inflation’s 8.5% rise over the last yearThe highest level since 1981 was recorded through March. Wall Street is anxious to see the Labor Department’s April inflation report at 8:30 am. ET Wednesday.

Dow Jones polled economic experts and they anticipate that the report will show an inflation rate of 8.1% for April, compared to the previous 12 months.

Biden’s statements the day before publication were the White House’s latest effort to convince Americans that they are exploring every option to curb rising prices. Many polls indicate that Americans think inflation is the biggest problem facing the United States and the greatest threat to economic recovery after the Covid recession.

While some economic measures have staged remarkable rebounds — the U.S. employment rate held steady at a low 3.6% last month — higher gas and grocery bills continue to erode paychecks and spark angst across the country.

Biden, in recent weeks has tried to calm those frustrations with regular speeches.

He boasted last week about sizable reductions in the federal deficitThis fiscal year was a significant departure from the rampant spending of his Republican predecessor. It also marks a major step towards fiscal responsibility.

Republicans believe that inflation is mainly due to Democrats’ bold economic policies. They include billions of dollars in Covid relief through the American Rescue Plan, as well as bipartisan infrastructure legislation Biden signed in 2021.

Also, the GOP points to the fact that federal spending could have been greater and the expected deficit higher if Biden had and his Democratic coworkers managed to pass the suite of climate and housing legislation which was once known as Build Back Better.

These attacks present a problem political for Democrats, who face a difficult battle to keep control of Congress during November’s crucial midterm elections. While the Senate is divided 50-50 between Democrats, Republicans and Democrats, the House is divided 221-209 to favor Democrats.

Biden has responded to Republican criticisms with recent remarks that he trumpeted the administration’s efforts to reduce prescription drug prices and increase taxes for only the wealthiest Americans.

What is the congressional Republican plan?” They aren’t interested in reducing your expenses to reduce inflation. Biden stated Tuesday that they want to fix it by increasing your taxes and decreasing your income. They plan will actually make working families less.