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She has argued that the United States should remove tariffs of up to 25% on some Chinese imports that are not strategic, such as bicycles, lawn mowers and T-shirts - a move that would make them cheaper for U.S.
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Treasury secretary Janet Yellen said in Bonn on Wednesday. "The economic outlook globally is challenging, and uncertain, and higher food and energy prices are having stagflationary effects, namely, depressing output and spending and raising inflation all around the world," U.S. read moreīut finance ministers are worried that the economy would deteriorate further as sanctions against Russia make importing raw materials from oil to wheat more expensive - straining household budgets just as borrowing costs also rise. read moreĮven the European Central Bank, which had until recently all but ruled out rate hikes, was now moving towards the first increase in more than a decade - probably the first of several. The Federal Reserve, the world's most influential central bank due to the dollar's dominance on global financial markets, has pledged to raise interest rates as high as needed even if that could end up costing some people their jobs.
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The palatial hotel in Koenignswinter where the event is hosted overlooks the Drachenfels, or Dragon's Rock, where the hero of the medieval Nibelung legend, Siegfried, is supposed to have slain a dragon that lived in a mountain cave.Įvery bit as lethal and intractable as a mythological monster, stagflation had no easy fix: stimulate the economy and prices will run away even faster, close the money taps and you will choke off economic growth.Īfter underestimating inflation for most of last year, most central bankers from the United States to Europe and Australia were now single-mindedly focused on curbing prices that have been rising at the fastest pace in decades.