CNN
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Treasury Secretary Janet Yellen is set to take a sharp criticism of former President Donald Trump’s economic policies, warning that proposed steep tariffs are “grossly misguided” and would accelerate inflation and hurt American businesses.
Yellen is scheduled to issue her warning Thursday afternoon in a speech to the Council on Foreign Relations in New York City, with economic issues remaining top of mind for voters with less than three weeks until the election. I was disappointed. President Trump has made calling for high tariffs a key part of his policy agenda, but Vice President Kamala Harris has warned that his tariff plans would raise prices for American households, calling it ” It’s called the Trump tax.
Ms. Yellen is not expected to mention Mr. Trump by name, but Ms. Yellen, who usually refrains from intervening in politics, opposes blanket tariffs and a “go-it-alone” strategy on the world stage. Probably.
“Claims that seek to cut off the United States by imposing similarly high tariffs on friends and competitors, or by treating even our closest allies as trading partners, are extremely “It’s misguided,” he would say. “Significant, untargeted tariffs would raise prices for American households and make our businesses less competitive.”
“And if we act alone, we cannot even hope to advance our economic and security interests, such as opposing Russia’s illegal invasion of Ukraine,” she would say. “But the challenges we face today, from supply chain disruptions to climate change and global pandemic preparedness to China’s industrial overcapacity, simply mean that old strategies cannot continue. It also means.
During his time in office, President Trump imposed significant tariffs on approximately $300 billion worth of Chinese goods. The Biden administration has maintained these tariffs and in some cases expanded them.
If elected, President Trump said he would impose tariffs of up to 20% on all foreign imports into the United States and an additional 60% or more on all Chinese imports. He also said he would impose “100% tariffs” on countries that try to stop using the US dollar.
“To me, the most beautiful word in the dictionary is tariffs,” President Trump told the Economic Club of Chicago on Tuesday.
When pressed by Bloomberg News Editor-in-Chief John Micklethwait about the fallout, President Trump said it was “simple math” that tariffs would pass on higher costs to American consumers. He defended the call for action.
“Number one, we’re going to protect this country and the new companies that are coming into this country because we’re going to have thousands of companies coming into this country,” Trump said, adding that tariffs “will have a positive effect. “Instead, it has a positive effect.” Negative economic impact.
CNN’s Jordan Walinsky contributed to this report.
