Yellen warns that harsh tariffs are deeply flawed in her attack on Trump

CNN-

Treasury Secretary Janet Yellen warned Thursday that deeply flawed proposals for drastic tariffs would accelerate inflation and hurt U.S. businesses, offering a clear critique of former President Donald Trump's economic policies.

The warning, delivered during a speech at the Council on Foreign Relations in New York, comes as economic issues remain a top concern for voters with less than three weeks until the election. Trump has made his call for high tariffs a key part of his policy agenda, while Vice President Kamala Harris has warned that his tariff plans would raise prices for American families, calling them a Trump tax.

Yellen, who generally refrains from wading into politics and did not mention Trump by name in her speech, opposed sweeping tariffs and a go-it-alone strategy on the world stage.

Calls to isolate America by imposing high tariffs on friends and competitors or treating even our closest allies as transactional partners are deeply misguided, Yellen said. Massive, untargeted tariffs would raise prices for American families and make our businesses less competitive.

And we can't even hope to advance our economic and security interests, such as opposing Russia's illegal invasion of Ukraine, if we go it alone, she said. But the problems we face today, from broken supply chains to China's industrial overcapacity to climate change to global pandemic preparedness, also mean we can't simply rely on an old strategy manual.

Yet in a question-and-answer session that followed her remarks, Yellen defended the Biden administration's decision not to repeal Trump-era tariffs on China, telling the moderator: “I think that the main reason is that we are counting on China to solve the problem. practices that were highlighted in the [Section] Action 301 was about unfair competition issues, and China hasn't really addressed any of those issues.

Until China makes a significant attempt to address the 301 unfair trade practices, President Biden believed we should not reward China with lower tariffs, she added.

Trump imposed drastic tariffs on approximately $300 billion worth of Chinese-made goods during his term. The Biden administration subsequently kept these tariffs in place and, in some cases, expanded them.

Trump said that if elected, he would impose tariffs of up to 20% on all foreign imports entering the United States, as well as additional tariffs of up to 60% on all imports Chinese. He also said he would apply 100% tariffs on countries that abandon the use of the US dollar.

To me, the most beautiful word in the dictionary is “tariffs,” Trump said Tuesday at the Economic Club of Chicago.

Trump defended his calls for tariffs when asked about the negative impacts by Bloomberg News editor John Micklethwait, who said tariffs would pass on higher costs to U.S. consumers was just a simple matter of calculation.

First, it's for the protection we have here and for new businesses that are going to come into this country, because thousands of businesses are going to come into this country, said Trump, who argued that the tariffs would have a positive, not negative, effect on the economy. .

Yellen also offered to more directly attack Republicans' pledge to extend the Trump-era tax cuts during the question-and-answer session.

I think it's important for our country to have responsible fiscal policy and be on a sustainable fiscal path, and some of the proposals that have been put forward on the Republican side and I should say I'm covered by the Hatch Act and I want to be careful. not to comment on electoral politics, she admitted. But, for example, the [Congressional Budget Office] said that [extending tax cuts] that would cause an additional $5 trillion in deficits over the next 10 years, and I believe that unless that is paid for in some way, that is something that we simply cannot not allow us.

This headline and story have been updated with additional details.

CNN's Donald Judd, Jordan Valinsky and Piper Hudspeth Blackburn contributed to this report.

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