Sachs, a Columbia University professor, said the Biden administration should not have continued Trump-era tariffs on China.
The professor said he expects inflation to remain high for the foreseeable future. He said ongoing political risks, including Russia's unprovoked invasion of Ukraine, pile onto inflationary pressures.
"We keep stoking the supply side shocks with war, with sanctions, with the geopolitical tensions," Sachs said. He suggested trade be used as a mechanism to benefit the global economy"rather than using trade as a weapon."The White House did not respond to CNBC's request for comment.U.S. lawmakers visiting self-governed TaiwanFor China, Sachs noted the economy has been hit by a number of factors, including declining domestic demand and a housing market slump.
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