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a possible reprieve on tariffs. united states presidentjoe biden says his administration could drop the trump era tariffs on china. that comment from mr biden comes against the backdrop of surging inflation in the us. in remarks at the white house on tuesday, mr biden also blamed the rising cost of living on pandemic disruptions and the war in ukraine. our north america business correspondent michelle fleury has more. the latest inflation reading is due out this wednesday, economists predict it will show rising prices remain entrenched, for americans filling up this tank this will come as no surprise, the average price of a gallon of petrol at an all time high, rising inflation notjust an economic challenge, also a political one. president popularity has taken a hit over this issue told americans felt their pain though he blamed the war in ukraine and the pandemic for soaring prices. i war in ukraine and the pandemic for soaring prices. for soaring prices. i want every ....
Businesses avoid the impact of volatile gas prices. it comes as the european commission is looking to increase the eu s renewable energy target for 2030 as part of plans due next week. joining me now is henry edwardes evans, associate editorial director, energy transition, s&p global commodity insights. henry, why are spain and portugal being given this exemption? it is rare, it is almost unheard of, for the market, quite worrying. it s because the gas price has risen so steeply, and the marginal unit in the setting of the power price, is often the gas unit, so that pulls up the power price alarmingly. and that s what s happened here. limiting the gas price and power generation to 50 euros a minute ....
Guess the war in ukraine will probably be pushing demand for renewables at a different pace as well. henry, thank you so much forjoining us on bbc news. let s get some of the day s other news: ukraine, which has remained a major route for russian gas to europe even after the invasion, said on tuesday it would suspend use of a transit point for some russian gas headed to europe, blaming moscow for the move. it said it will redirect the gas from that transit point, which is in an area occupied by russian forces, to another in a ukraine controlled area. in china, inflation figures for the month of april were released just about an hour ago. the consumer price indexjumped up 2.1% from a year earlier, higher than march figure of1.5%, but still not as rampant as the rest of the world. now to the market in metals, where the war in ukraine and sanctions on russia has sent prices across the board soaring. russia is one of the world s top producers of rare metals ....
Henry edwardes evans, who is an energy analyst at the energy and commodities information provider s&p global platts. so many questions from our reviewers about this from viewers about this story. why are we in this situation first of all? if this story. why are we in this situation first of all?- this story. why are we in this situation first of all? if we look from a supplier situation first of all? if we look from a supplier perspective - situation first of all? if we look from a supplier perspective it | situation first of all? if we look| from a supplier perspective it is because they are wholesale gas and power costs have gone up so much recently. they are tied. variable tariff customers are tied to this. they are unable to push up their own tariffs to reflect the increasing costs in the wholesale market, which have gone through the roof in recent weeks and months. have gone through the roof in recent weeks and months. some companies have hedged ....