CNN —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.
“Calls for walling America off with high tariffs on friends and competitors alike or by treating even our closest allies as transactional partners are deeply misguided,” Yellen will say, according to excerpts released by the Treasury Department.
“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.
He’s also said he would implement a “100% tariff” on countries that shift away from using the US dollar.
“To me, the most beautiful word in the dictionary is tariff,” Trump said at the Economic Club of Chicago on Tuesday.
Persons:
Janet Yellen, Donald Trump’s, Trump, Kamala Harris, “, walling, ”, ” Trump, Biden, He’s, John Micklethwait, CNN’s Jordan Valinsky
Organizations:
CNN, Council, Foreign Relations, Trump, walling America, Treasury Department, Economic, of Chicago, Bloomberg
Locations:
New York City, Ukraine