(Washington) – US Treasury Secretary Janet Yellen stressed on Thursday the need for the United States to resist economic isolationism, targeting Republican candidate Donald Trump without naming him, three weeks before the presidential elections.
Janet Yellen said: “America’s economic well-being depends on the global situation, and American economic leadership is the key to global prosperity and security,” warning of the consequences of “American isolationism and entrenchment.”
The Secretary also asserted to the Council that “there is simply no other way forward” than “a strategic international economic policy that is beneficial to American families and businesses and to others around the world.” of Foreign Relations (CFR) in New York.
“By committing to help countries around the world address the greatest challenges they face today, we also reduce the potential for negative spillovers to the U.S. economy, such as weakening of our export markets and increased instability,” she added.
Former President Donald Trump, who hopes to be re-elected to the White House on November 5, wants to reduce international financial aid and allocate this money to the United States.
He also promised to increase customs duties on all imports to 10 or 20%, depending on the product, to 60% on Chinese imports, and up to 200% on car imports from Mexico.
“Old style”
However, Janet Yellen denounced “calls to isolate America with high tariffs on friendly and competitive countries.” […] They are deeply mistaken.
“We cannot build on an old pattern,” she added.
She also warned of the risk of an inflation rebound: “Radical and untargeted tariffs will raise prices for American households and make them tougher.” [les] Companies [américaines] Less competitive.
Donald Trump brushed off that risk during an interview on Tuesday, saying: “There's another theory that the tariffs are so high, so terrible, so obnoxious, that… [les fabricants] He will immediately come to settle in the United States.
The Republican candidate said: “In my view, tariffs are the most beautiful expression in the dictionary,” considering that the United States is being “deceived” economically, especially by some of its closest allies, such as the European Union and Japan.
While in the White House, he imposed tariffs on a wide range of Chinese imports, which the Biden administration has largely maintained.
“We were relying on China to address the problem […] “The problems of unfair competition,” but “did not actually address any of these problems,” the minister justified. Therefore, “President Biden believes that we should not reward China with tariff reductions.”
