Until the end of the pandemic, prices will remain high, according to the Dep Treasury Sec
Economist Adewale “Wally” Adeyemo responds by testifying before the Senate Finance Committee during his confirmation hearing to be Assistant Secretary of the Treasury at the Dirksen Senate office building in Washington, DC on February 23, 2021.
Jim Lo Scalzo | Reuters
US Under Secretary of the Treasury Wally Adeyemo told CNBC on Tuesday that President Joe Biden was doing his best under difficult circumstances.
The Covid-19 pandemic, supply chain issues and inflation are just a few of the challenges facing the Biden administration. And to make matters worse for the White House, the latest poll shows the American public isn’t too impressed with Biden’s record in power so far.
Only 41% of voters approve of Biden, according to the latest Washington Post / ABC poll released on Sunday, continuing a downward trend in the president’s ratings.
“I think the president has done everything he can to make sure that we address the main problem America faces, which is a pandemic that has killed hundreds of thousands of Americans and the president has succeeded. solve this problem, ”he said, speaking to CNBC’s Hadley Gamble at the Adipec energy industry forum in Abu Dhabi.
“But we still have work to do to fight the pandemic and until we fully tackle the pandemic we will face high prices in our economy,” he added.
Nonetheless, Adeyemo said Biden’s vaccination campaign against Covid and investments made in the White House bailout had left America “in a better position” both in terms of public health and economic.
Adeyemo cited the low unemployment rate of 4.8% and economic growth of 6% (although the economy grew 6.7% in the second quarter, it grew 2% in the third quarter) as reasons to be optimistic, and said prices are expected to “moderate as the pandemic moderates.”
“With the investments we make today, the US economy will be able to grow and because of this, the president’s economic strategy will be successful.”
Adeyemo’s visit comes amid a flurry of international diplomacy on a range of pressing global issues, from the much-publicized UN COP26 climate summit to joint China-US cooperation and growing tensions between the United Nations. Europe and Russia regarding migratory flows to the region via Belarus, Russia’s ally, which the EU says is intended to destabilize the bloc.
Earlier on Tuesday, US President Joe Biden and Chinese President Xi Jinping met virtually in the closest communication between the leaders of the two countries since Biden took office in January.
Both sides noted recent points of tension and issued public statements after the meeting focusing on ways to avoid conflict.
Read more: Biden-Xi virtual meeting ends with both sides calling for more cooperation amid tensions
Biden said there was a “need for common sense safeguards to ensure competition does not escalate into conflict and to keep lines of communication open,” according to the White House reading after the meeting .
Xi said at the meeting that for China and the United States to come to an agreement “in a new era,” three principles of mutual respect, peaceful coexistence and win-win cooperation must be followed, according to the official reading. in Chinese English. Beijing generally uses language like “mutual respect” to demand more favorable terms from the United States
– CNBC’s Evelyn Cheng contributed reporting for this story.