U.S. President Joe Biden has labeled President-elect Donald Trump’s proposed tariff policies as “a major mistake,” warning that they could harm American consumers rather than foreign nations. Speaking at the Brookings Institution in Washington, D.C., on Tuesday, Biden expressed concern over Trump’s intention to impose steep universal tariffs on all 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 said. “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.”
The outgoing president reflected on the economic challenges his administration faced following the COVID-19 pandemic. He criticized Trump’s economic plan, suggesting it favors the wealthy. “By all accounts, the incoming administration is determined to return the country to another round of trickle-down economics and another tax cut for the very wealthy that will not be paid for or, if paid for, is going to have a real cost,” Biden added.
U.S. Treasury Secretary Janet Yellen also voiced concerns about Trump’s tariff proposals during the Wall Street Journal CEO Council event on Tuesday. She warned that widespread import tariffs could hinder progress in reducing inflation and lead to higher costs for both consumers and businesses.
In a recent interview with NBC News, Trump reiterated his commitment to imposing tariffs on imports from the United States’ major trading partners, claiming that tariffs “cost Americans nothing.”
As the nation anticipates potential policy shifts, debates over trade and economic strategies continue to intensify, highlighting differing visions for the country’s economic future.
Reference(s):
cgtn.com
