"The US Trade Representative Katherine Tai has said that we are revisiting the phase one trade deal and recognizing requests to reduce tariffs in some areas. So that's certainly something that's under consideration," Yellen said in an interview with CBS, aired on Sunday.
In 2018, the Trump administration imposed tariffs on steel, aluminium and some products from China worth $350 billion to counteract Beijing's alleged unfair trade practices which the Chinese side denied.
Since Biden took office in January 2020, the US administration has been facing pressure from US business associations which say that heavy duties have been hurting them a lot in addition to current disruptions in the US transport system.