US Deputy Treasury Secretary Wally Adeyemo said on Tuesday that the Biden administration is considering whether to reduce some Trump-era tariffs on Chinese goods but needs to balance short-term price reduction goals against the longer-term need to eliminate unfair competition for US firms.

"We're actively considering what we do with regard to those tariffs," Adeyemo told CNN in a live interview.

"I think the important thing for every American to know is that the president is committed to doing everything we can to bring down costs in a sustainable way." (Reuters)