US President Joe Biden blames rest of world for global inflation

New Delhi: US President Joe Biden on Saturday dismissed the risks of a strong dollar and instead blamed rest of the world for dragging down the global economy.

“I’m not concerned about the strength of the dollar, I’m concerned about the rest of the world,” Biden told reporters during a campaign stop in Portland, Oregon.

When asked if he could explain what he was suggesting, the President said, “Our economy is strong as hell — the internals of it.  Inflation is worldwide.  It’s worse off everywhere else than it is in the United States.”

“So the problem is the lack of economic growth and sound policy in other countries, not so much ours.  And that’s having — it’s worldwide inflation, and it’s consequential,” he added.

He also criticised UK Prime Minister Liz Truss’s tax-cutting plans for causing turmoil in markets, calling it a “mistake.”

“It’s predictable. I mean, I wasn’t the only one that thought it was a mistake,” Biden said in Portland.

“I think that the idea of cutting taxes on the super wealthy at a time when — anyway, I just think — I disagreed with the policy, but that’s up to Great Britain to make that judgment, not me,” he added.

Truss’s policies, including a controversial tax cut for the wealthy that she’s since reversed, sparked a plunge in the pound and forced the Bank of England to step in to support gilts.

The turmoil spilled over into global markets, as traders wary of further volatility sought refuge in havens, further boosting the dollar.

But beyond the UK, the strong dollar continues to weigh on the global economy, particularly poorer nations that rely on food imports.

Biden’s comments come at a time when top leaders from other countries have increasingly voiced concerns about how the rising greenback is fueling inflation in their own economies.

The dollar has climbed roughly 15 per cent this year as the Federal Reserve embarked on an aggressive campaign to raise interest rates to tamp US price increases.

With inputs from agencies

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