Biden Recession Can Be Avoided… Fuel tax exemption under review

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“Hopefully the fuel tax issue will be decided by the weekend”… “I don’t think I will visit Ukraine during my European tour.”

US President Joe Biden reiterated his position on the 20th (local time) that a recession is not inevitable in relation to the recent economic situation.

According to Reuters, President Biden met reporters at his private vacation home in Rehoboth Beach, Delaware, and spoke with former US Treasury Secretary Larry Summers.

Former Secretary Summers, a Harvard University professor, has been raising concerns about the realization of high inflation in the United States since last year, and recently warned that it could face a recession within the next one or two years.

In an interview with the Associated Press on the 16th, President Biden said in an interview with The Associated Press that a recession was not inevitable given the low unemployment rate and relatively strong growth in the United States.

When asked whether he would consider temporarily suspending the levy on gasoline in relation to the problem of the highest gasoline price in history, President Biden replied, “Yes.

“We hope to make a decision based on the data we will look into by this weekend,” he said.

The US is experiencing its worst inflation in 40 years and gasoline prices soaring, coupled with the decline in President Biden’s approval ratings, is acting as a major political burden.

Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm have also announced that they are discussing a temporary exemption from the fuel tax as part of a price cut.

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When asked if he had plans to visit Ukraine, which had been invaded by Russia, on his planned trip to Europe starting this weekend, Biden replied, “I don’t think it’s on this trip.”

He said he was in close contact with the Ukrainian president almost four times a week, although it would depend on a number of factors, including whether the visit would create more trouble for Ukraine or hinder ongoing work.

From the 25th, President Biden will visit Germany to attend the G7 summit, followed by Spain to attend the NATO summit.

So far, many European leaders have visited Ukraine in person, but President Biden has only visited Poland, the border country.

President Biden also mentioned that Ukraine is very likely to become a member of the European Union (EU).

Ukraine applied for EU membership on February 28, right after the Russian invasion, and the European Commission is also positive.

If the 27 member states unanimously approve it at the EU summit on the 23rd and 24th, Ukraine will be given candidate country status, and negotiations for official membership will begin.

/yunhap news

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