Trump-era tariffs on Chinese imports are one example of counter-productive policies, says Kristalina Georgieva
Treasury Secretary Janet L. Yellen is also making this push. This week she traveled to India, promoting what she calls “friend-shoring,” or relying upon U.S. allies for critical materials rather than potential adversaries like China.
As an example, she cited Trump’s tariffs on more than $300 billion in U.S. imports from China, which the Biden administration has maintained. Those measures did nothing to reduce the U.S. trade deficit with China, which Trump promised to eliminate, and left American consumers paying higher prices for Chinese products.
“If a whole industry moves overseas and there is no attention to the people whose jobs are gone, no effort to provide access to opportunities and new skills, then, of course, there will be popular dissent,” she said.
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