In a fiery speech at the Brookings Institution in Washington, D.C., U.S. President Joe Biden didn't hold back on his thoughts about President-elect Donald Trump's latest tariff proposals. 🚫💰
\"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.\"
Biden reflected on the economic landscape he inherited and the challenges faced following the COVID-19 pandemic. He took a jab at Trump's economic plan, warning it could lead to \"another tax cut for the very wealthy\" that won't be paid for, potentially having \"a real cost\" on the nation.
Backing up Biden's concerns, U.S. Treasury Secretary Janet Yellen voiced her own reservations at a Wall Street Journal CEO Council event. She cautioned that Trump's proposal to slap widespread import tariffs could hinder progress in reducing inflation and spike costs for both consumers and businesses. 📈💸
Meanwhile, Trump doubled down on his tariff ambitions in a recent interview with NBC News. He promised to fulfill his campaign pledge to levy tariffs on imports from major trading partners, asserting that tariffs \"cost Americans nothing.\" 😶
The debate over tariffs is heating up, and with both sides standing firm, it's a topic that's sure to impact wallets and economies alike. Stay tuned! 🌍💡
Reference(s):
cgtn.com
