Biden is considering lifting Trump-era tariffs to slow inflation. Here's how that may affect you

Lifting Trump-era tariffs is one of the few things President Joe Biden could do to slow inflation -- but that doesn't mean Americans would immediately notice a drop in prices if he took that action.

So far, Biden has resisted pressure from many in the American business community to lift the tariffs that his predecessor imposed on $350 billion of Chinese goods -- including bicycles, baseball caps and sneakers -- during a tit-for-tat trade war.

But as inflation continues to be a thorn in the President's side -- or "the bane of our existence" as Biden recently put it -- he has said his administration is considering lifting the tariffs. A White House official earlier this month said that a decision would be announced in the "coming weeks."

It's not a simple decision and advisers within the administration are divided on whether to lift the tariffs. On the one hand, China has not lived up to purchase commitments it made during the Trump administration, and some US industries struggle to compete with China's unfair trade practices. On the other hand, Biden is eager to take any step that shows he is combating high prices. He could decide to lift some tariffs and leave others in place.