President Biden confused Chinese President Xi Jinping with Russian President Vladimir Putin on Tuesday while defending new tariffs.

During an interview with TIME Magazine, Biden stressed that while most economists agree tariffs raise prices on American consumers, the newly announced tariffs on China's trade practices will not.

"No, because here's the deal. There's a difference. I made it clear to Putin from the very beginning that—I'm not, we're not engaging in…For example, Trump wants a 10% tariff on everything. That will raise the price of everything in America," Biden said.

Time added an editor's note to the interview transcript, suggesting that Biden appeared to mean Xi, not Putin, in his statement.

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Biden added that the tariffs will allow the United States to "play by the same rules" as China. He said that when American corporations invest in China, they must give the country 51% ownership to a Chinese operator.

"We're just saying, if you want to do that, well, we're gonna do that," Biden added. "And you cannot change the market in a way where you flood the market by—ignore all Chinese government subsidies to undercut their ability as to deal with electric vehicles. And we're not going to put up with it."

The president also took aim at U.S. corporations for what he described as "price gouging."

He claimed that wage increases have exceeded the cost of inflation but noted prices are not where they were before the COVID-19 pandemic.

"You have everything from shrinkflation to what's going on in terms of the way in which they're artificially moving significantly to increase their, their, their, their, their profits. That's not the same as inflation. That's price gouging," he said.

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Biden has repeatedly criticized American corporations and claimed they are taking advantage of inflation by artificially raising consumer prices.

In February, Biden blamed grocery stores for taking advantage of shoppers.

"Inflation is coming down.  It's now lower in America than any other major economy in the world," Biden said. "The cost of eggs, milk, chicken, gas, and so many other essential items have come down."

"But for all we've done to bring prices down, there are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation," the president continued.

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The White House did not return Fox News Digital's request for comment.

Fox News' Sarah Rumpf-Whitten contributed to this report.