Biden calls Trump's tariff plan as 'major mistake'

Washington: US President Joe Biden has condemned President-elect Donald Trump's proposed tariff policy as "a major mistake." Speaking at the Brookings Institution in Washington, Biden expressed strong disapproval of Trump's plan to impose steep universal tariffs on all imported goods, arguing that it rests on the flawed belief that foreign countries would absorb the cost rather than American consumers.

"Who do you think pays for this? I believe this approach is a major mistake. I believe we have proven that approach is a mistake over the past four years," Biden said, reinforcing his position during his address.

The outgoing president also reflected on the economic challenges he faced when he took office, particularly in the wake of the COVID-19 pandemic, and highlighted his administration's efforts to stabilize and recover the economy. Biden took the opportunity to criticize Trump's economic strategy, claiming it would result in "another tax cut for the very wealthy."

Biden warned that the incoming administration seemed poised to reintroduce "trickle-down economics" and implement a tax cut for the wealthy that would either go unpaid or come with significant financial repercussions.

At a separate event on Tuesday, US Treasury Secretary Janet Yellen echoed Biden's concerns at the Wall Street Journal CEO Council, stating that Trump's tariff proposal could potentially derail progress on reducing inflation and lead to increased costs for both consumers and businesses.

In a recent NBC News interview on Sunday, Trump reiterated his commitment to his campaign promise to impose tariffs on imports from major trading partners, asserting that such tariffs would "cost Americans nothing."

With IANS inputs