Former Treasury Secretary Janet Yellen has spoken out against the Trump administration’s trade war, calling it a “self-inflicted policy wound” and the worst she has seen in her career. In an interview with CNN’s Anderson Cooper on Friday evening, Yellen expressed her concerns about the latest roll-out of import taxes on nearly all trading partners.
Yellen, who served as Treasury Secretary under President Obama, is known for her expertise in economics and her experience in navigating complex trade policies. Her words carry weight and her criticism of the Trump administration’s trade war is a significant blow to their approach.
In the interview, Yellen did not hold back in her criticism of the trade war, stating that it is causing harm to the US economy. She emphasized that the tariffs imposed by the Trump administration are not only hurting American businesses and consumers, but also damaging relationships with key trading partners.
“This is the worst self-inflicted policy wound I’ve ever seen in my career inflicted on our economy,” Yellen told Cooper. “The Trump administration’s approach to trade is causing unnecessary harm and damage to our economy and our relationships with other countries.”
Yellen’s comments come at a time when the trade war between the US and China has escalated, with both countries imposing tariffs on billions of dollars worth of goods. The Trump administration has also recently announced tariffs on steel and aluminum imports from Canada, Mexico, and the European Union, further intensifying the trade tensions.
Yellen’s criticism of the trade war is not unfounded. Many economists and business leaders have expressed concerns about the impact of the tariffs on the US economy. The tariffs are driving up the cost of goods for American consumers and businesses, leading to higher prices and potentially slowing economic growth.
Furthermore, the trade war has also sparked retaliation from other countries, with China, Canada, Mexico, and the EU imposing their own tariffs on US goods. This has resulted in a tit-for-tat trade dispute that is hurting industries such as agriculture and manufacturing, which rely heavily on exports.
Yellen also pointed out that the trade war is damaging relationships with key trading partners, which could have long-term consequences for the US economy. “We have built strong relationships with our trading partners over the years, and this trade war is putting all of that at risk,” she said.
The former Treasury Secretary’s comments have sparked a debate about the effectiveness of the Trump administration’s trade policies. While some argue that the tariffs are necessary to protect American industries and jobs, others believe that they are doing more harm than good.
Yellen’s criticism of the trade war has also been met with support from Democrats and some Republicans, who have been vocal about their concerns regarding the tariffs. This adds to the growing pressure on the Trump administration to reconsider their approach to trade.
In response to Yellen’s comments, the White House has defended their trade policies, stating that they are necessary to address unfair trade practices and protect American workers. However, with the trade war showing no signs of slowing down, it remains to be seen what the long-term impact will be on the US economy.
In conclusion, Janet Yellen’s strong words against the Trump administration’s trade war have shed light on the damaging effects of the tariffs on the US economy. As a respected economist and former Treasury Secretary, her criticism carries weight and adds to the growing concerns about the trade war. It is now up to the Trump administration to consider the consequences of their actions and find a more effective approach to trade that benefits the American economy and its relationships with other countries.
