Treasury Secretary Janet Yellen is set to warn that proposals for sweeping tariffs are “deeply misguided,” would ramp up inflation and hurt American businesses, offering a clear critique of former President Donald Trump’s economic policy.
Yellen is set to deliver the warning during a speech at the Council on Foreign Relations in New York City on Thursday afternoon and comes as economic issues remain a top concern for voters with the election just under three weeks away. Trump has made his call for steep tariffs a key piece of his policy agenda, while Vice President Kamala Harris has warned his tariff plans would raises prices for American families, referring to it as a “Trump tax.
“But the issues we face today, from broken supply chains, to climate change and global pandemic preparedness, to China’s industrial overcapacity, also mean we cannot simply draw from an old playbook.” Trump implemented sweeping tariffs on about $300 billion of Chinese-made products while in office. The Biden administration kept those tariffs in place and in some cases expanded upon them.
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