U.S. Treasury Criticizes Trump's Universal Tariffs... "Causing Inflation, Weakening Competitiveness"

U.S. Treasury Secretary Janet Yellen criticized former President Donald Trump's Universal Tariff Pledge for raising prices in U.S. households and weakening the competitiveness of U.S. companies.

Yellen said in a speech distributed before the meeting of the American Diplomatic Association that the argument for separating the United States from the world while imposing high tariffs on both allies and rivals is deeply wrong.

Yellen said the U.S. would not be able to advance its economic and security interests if it did it alone, meaning it would not be able to do the same problems facing the U.S., such as supply chain disruptions and China's overproduction.

Yellen also said trade and investment with China must be maintained as much as it can benefit the United States significantly, but that we must maintain a healthy economic relationship based on a level playing field.

It also noted that China's barriers to market access and unfair trade practices threaten the viability of U.S. businesses and increase the risk of over-concentrated supply chains, which undermines global economic resilience.