Biden Criticizes Trump's Tariff Strategy as a Significant Error
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Washington, Dec 11 (NationPress) US President Joe Biden labeled President-elect Donald Trump's tariff strategy as 'a significant error.'
'He appears resolute in his plan to implement high universal tariffs on all imported goods entering this nation, based on the incorrect assumption that foreign nations will absorb the cost of these tariffs instead of the American consumer,' Biden remarked during a speech at the Brookings Institution in Washington.
'Who do you think shoulders this burden? I believe this strategy is a significant error. We have demonstrated the flaws of this strategy over the past four years,' Biden stated.
During his address, the outgoing US President discussed the economic conditions he inherited from Trump and his administration's efforts in the aftermath of the COVID-19 pandemic, as reported by Xinhua news agency.
He also took aim at Trump's economic strategy, cautioning that it implies 'another tax cut for the extremely wealthy.'
'By all indications, the incoming administration is intent on reverting the country to another cycle of trickle-down economics and yet another tax cut for the extremely wealthy that will either remain unpaid for or, if funded, will incur significant costs.' Biden asserted.
At a recent event with the Wall Street Journal CEO Council, US Treasury Secretary Janet Yellen voiced her apprehensions regarding Trump's plan to impose extensive import tariffs, warning that it could obstruct progress in controlling inflation and result in increased costs for both consumers and businesses.
In an NBC News interview on Sunday, Trump reiterated his commitment to enacting tariffs on imports from the US's primary trading partners, claiming that tariffs 'impose no cost on Americans.'
