{"id":33581,"date":"2024-10-17T16:46:00","date_gmt":"2024-10-17T21:46:00","guid":{"rendered":"https:\/\/ustower.net\/?p=33581"},"modified":"2024-10-31T22:32:11","modified_gmt":"2024-11-01T03:32:11","slug":"yellen-warns-that-sweeping-tariffs-are-deeply-misguided-in-swipe-at-trump","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=33581","title":{"rendered":"Yellen warns that sweeping tariffs are \u2018deeply misguided\u2019 in swipe at Trump"},"content":{"rendered":"\n

Treasury Secretary Janet Yellen warned on Thursday that \u201cdeeply misguided\u201d proposals for sweeping tariffs<\/u><\/a> would ramp up inflation and hurt American businesses, offering a clear critique of former President Donald Trump\u2019s economic policy.<\/p>\n\n\n\n

The warning, delivered during a speech at the Council on Foreign Relations in New York City, 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<\/u><\/a> 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 \u201cTrump tax.\u201d<\/p>\n\n\n\n

Yellen, who typically refrains from wading into politics and did not mention Trump by name in her speech, argued against across-the-board tariffs and a \u201cgo it alone\u201d strategy on the global stage.<\/p>\n\n\n\n

\u201cCalls 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,\u201d Yellen said. \u201cSweeping, untargeted tariffs would raise prices for American families and make our businesses less competitive.\u201d<\/p>\n\n\n\n

\u201cAnd we cannot even hope to advance our economic and security interests \u2014 such as opposing Russia\u2019s illegal invasion of Ukraine \u2014 if we go it alone,\u201d she said. \u201cBut the issues we face today, from broken supply chains, to climate change and global pandemic preparedness, to China\u2019s industrial overcapacity, also mean we cannot simply draw from an old playbook.\u201d<\/p>\n\n\n\n

Still, in a question-and-answer session following her remarks, Yellen defended the Biden administration\u2019s decision not to repeal Trump-era tariffs on China, telling the moderator, \u201cI think the main reason for that is that we look to China to address the practices that were emphasized in the [Section] 301 action, which went to issues of unfair competition, and China really did not address any of those issues.\u201d<\/p>\n\n\n\n

\u201cUntil China made a meaningful attempt to respond to the 301 unfair trade practices, President Biden felt we should not \u2013 we should not reward China by lowering the tariffs,\u201d she added.<\/p>\n\n\n\n

Trump implemented sweeping tariffs on about $300 billion of Chinese-made products while in office. The Biden administration later kept those tariffs in place and in some cases expanded upon them.<\/p>\n\n\n\n

Trump has said that, if elected, he would impose tariffs of up to 20% on every foreign import coming into the US as well as another tariff upward of 60% on all Chinese imports. He\u2019s also said he would implement a \u201c100% tariff\u201d on countries that shift away from using the US dollar.<\/p>\n\n\n\n

\u201cTo me, the most beautiful word in the dictionary is tariff,\u201d Trump said at the Economic Club of Chicago on Tuesday.<\/p>\n\n\n\n

Trump defended his calls for tariffs<\/u><\/a> when pressed about the negative impacts by Bloomberg News Editor-in-Chief John Micklethwait, who said it was \u201cjust simple mathematics\u201d that the tariffs would pass on higher costs to American consumers.<\/p>\n\n\n\n

\u201cNumber one, it\u2019s for the protection that we have here and the new companies that will move in because we\u2019re going to have thousand of companies moving into this country,\u201d said Trump, who argued tariffs would have a \u201cpositive, not a negative\u201d effect on the economy.<\/p>\n\n\n\n

Yellen also offered a more direct swipe at a pledge from Republicans to extend Trump-era tax cuts during the question-and-answer session.<\/p>\n\n\n\n

\u201cI believe it\u2019s important for our nation to have a responsible fiscal policy and to be on a sustainable fiscal path, and some of the proposals that have been put forward on the Republican side\u2014and I should say I\u2019m covered by the Hatch Act and want to be careful not to comment on electoral politics,\u201d she acknowledged. \u201cBut, for example, the [Congressional Budget Office] has said that [extending tax cuts] would result in $5 trillion of additional deficits over the next 10 years, and I believe, unless that\u2019s paid for in some way, that\u2019s something that we just can\u2019t afford.\u201d<\/p>\n\n\n\n

cnn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Treasury Secretary Janet Yellen warned on Thursday that \u201cdeeply misguided\u201d proposals for sweeping tariffs would ramp up inflation and hurt American businesses, offering a clear critique of former President Donald Trump\u2019s economic policy. The warning, delivered during a speech at the Council on Foreign Relations in New York City, comes as economic issues remain a top concern […]<\/p>\n","protected":false},"author":5,"featured_media":33582,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[3616,1230,2229,6056],"class_list":["post-33581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-tariffs","tag-trump","tag-warning","tag-yellen"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/33581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33581"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/33581\/revisions"}],"predecessor-version":[{"id":33583,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/33581\/revisions\/33583"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/33582"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}