Inflation has been a growing concern, as prices continue to balloon in the United States for everything from food to other consumer products. As the government looks for ways to address the matter, President Joe Biden could potentially look to drop the tariffs on China originally put into place by Trump. Such a move could mean a decrease in prices for consumer products, including technology and gaming-related items.
President Biden made the announcement when he addressed the nation earlier today, as reported by CNBC. The tariffs originally instituted by Trump led to price increases for everything from furniture and clothing to a plethora of electronic devices. If Biden and the White House were to drop these tariffs, we could see different computer accessories and other gaming and entertainment related products drop in price.
“I want every American to know that I am taking inflation very seriously,” Biden said during the address. “The first cause of inflation is a once-in-a-century pandemic. Not only did it shut down our global economy, it threw supply chains and demand completely out of whack.”
The conversation surrounding the supply chain has been heavily ongoing in the technology and gaming space throughout the pandemic, as it caused scarcity and price hikes for graphics cards, consoles, and a plethora of other desirable items. These issues were certainly not helped by the standing tariffs.
Of course, it’s too early to start celebrating price drops on those pricey consumer products you have been eyeing. It’s yet to be seen if Biden will go through with dropping these tariffs. Even if he does, we’ll have to wait and see just how far that impact expands.