U.S. President Joe Biden on Tuesday criticized President-elect Donald Trump's approach to tariffs, calling it \"a major mistake.\" Speaking at the Brookings Institution in Washington, D.C., Biden highlighted the potential negative impact of steep universal tariffs on imported goods.
\"He seems determined to impose steep universal tariffs on all imported goods brought to this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,\" Biden explained. He emphasized that such policies would ultimately hurt American consumers, stating, \"Who do you think pays for this? I believe this approach is a major mistake. I believe we have proven that approach is a mistake over the past four years.\"
Reflecting on the economy inherited from Trump's administration, Biden criticized the outgoing president's economic plans, warning of another round of trickle-down economics and tax cuts for the wealthy that could lead to increased costs without sufficient funding.
At a Wall Street Journal CEO Council event, U.S. Treasury Secretary Janet Yellen echoed Biden's concerns, expressing that Trump's tariff proposals could hinder progress in reducing inflation and result in higher costs for both consumers and businesses.
In contrast, Trump remains steadfast in his campaign promise to impose tariffs on imports from major U.S. trading partners, asserting in an NBC News interview that tariffs \"cost Americans nothing.\"
Reference(s):
cgtn.com
