Joe Biden's administration is considering cutting tariffs on imports of some Chinese goods, but it needs to balance short-term goals for lowering prices with the long-term need to fight unfair competition from China, U.S. Deputy Treasury Secretary Wally Adeyemo said.

"We're actively considering what we do with regard to those tariffs," Adeyemo told CNN in a live interview. "I think the important thing for every American to know is that the president is committed to doing everything we can to bring down costs in a sustainable way."

U.S. Treasury Secretary Janet Yellen favors cutting some "non-strategic" tariffs on consumer goods, while U.S. Trade Representative Katherine Tai says the tariffs should be seen as part of an overall strategy to push China to meet its trade obligations and end abuses.