Official announcements from the US Trade Representative or the US Treasury Department

Yellen Warns Sweeping Tariffs, Including Trump's Proposals, Could Ignite Inflation, Harm US Competitiveness

Oct 17, 2024, 10:00 AM

US Treasury Secretary Janet Yellen has issued a warning that sweeping and untargeted tariffs could ignite inflation, raise prices for American families, and make US businesses less competitive. In remarks to the Council on Foreign Relations, Yellen described such tariffs as 'deeply misguided' and cautioned that they would harm US economic resilience and competitiveness. Yellen also highlighted concerns about China's policies leading to industrial overcapacity, which she said threatens American firms and workers. The New York Times reports that Yellen specifically criticized Trump's tariff proposals.