U.S. President Joe Biden didn’t hold back in his critique of President-elect Donald Trump’s proposed tariff strategy this week, calling it a 'major mistake' that could hit everyday Americans where it hurts—their wallets.
In a fiery speech at the Brookings Institution, Biden warned that Trump’s plan to impose steep tariffs on all imported goods would backfire. 'Who do you think pays for this?' he asked, arguing that U.S. consumers, not foreign countries, would foot the bill. 'We’ve seen this movie before,' Biden added, referencing Trump’s previous tariffs during his presidency.
The outgoing president also took aim at Trump’s economic agenda, calling it a rehash of 'trickle-down' policies that favor the wealthy. 'Another tax cut for the very wealthy? That’s not how you build a fair economy,' Biden said.
U.S. Treasury Secretary Janet Yellen echoed the concerns at a Wall Street Journal CEO event, warning that tariffs could 'stall progress on inflation' and raise costs for businesses and families. Meanwhile, Trump doubled down in an NBC interview, claiming tariffs 'cost Americans nothing'—a claim economists and Biden’s team fiercely dispute.
With economic debates heating up, young professionals and entrepreneurs are watching closely. Will tariffs revive U.S. industries or spark a price hike spiral? Stay tuned.
'We’ve seen this movie before,' Biden added, referencing Trump’s previous tariffs during his presidency.
'Another tax cut for the very wealthy? That’s not how you build a fair economy,' Biden said.
Meanwhile, Trump doubled down in an NBC interview, claiming tariffs 'cost Americans nothing'—a claim economists and Biden’s team fiercely dispute.
Stay tuned.
