President Joe Biden sharply criticized President-elect Donald Trump’s economic plan, particularly his proposal to impose large tariffs on imports. In a recent speech at the Brookings Institution, Biden argued that such measures would have detrimental effects on both the U.S. economy and its international relationships, calling them a “major mistake” that would ultimately hurt American consumers.
Biden’s remarks come as Trump prepares for his second term in office after securing victory in the 2024 presidential election, largely driven by voter frustration with rising living costs under Democratic leadership. The outgoing president raised concerns about Trump’s economic strategies, specifically his plan to impose significant tariffs on goods from the U.S.’s largest trading partners, including Mexico, Canada, and China.
These countries are crucial to the U.S. economy, and Biden warned that such tariffs would raise costs for American consumers, potentially stalling the nation’s economic recovery.
“I pray to God the president-elect throws away Project 2025. I think it would be an economic disaster for us and the region,” Biden stated, referring to a conservative blueprint for Trump’s second term, which includes plans for further trade restrictions.
Biden’s criticism comes at a time when Trump has already begun to shape his policy agenda for the upcoming term, even though his inauguration won’t take place until January 20. Despite this, Trump has been making waves by commenting on economic matters and foreign policy, positioning himself as a shadow president with significant influence.
Janet Yellen Joins In Criticism Of Trump’s Tariffs
In support of Biden’s stance, Treasury Secretary Janet Yellen also voiced concerns about Trump’s proposed tariffs. Speaking at the Wall Street Journal’s CEO Council Summit, Yellen warned that these tariffs could undermine the progress made in reducing inflation and could negatively impact U.S. growth. She emphasized that the imposition of sweeping tariffs would likely lead to higher prices for American consumers and increase pressure on companies that depend on imports for their supply chains.
“Tariffs could derail the progress we’ve made on inflation and have adverse consequences on growth,” Yellen stated, reinforcing the concerns shared by Biden.
Biden Reflects On His Economic Legacy
As Biden nears the end of his presidency, he used this speech to reflect on his administration’s economic achievements. With less than six weeks remaining in office, Biden emphasized the success of his “middle-out, bottom-up” economic approach, which focused on supporting the working and middle classes. He contrasted this approach with what he described as Trump’s failed “trickle-down economics,” where tax cuts for the wealthy were expected to boost economic growth, but in Biden’s view, have done little to address the needs of everyday Americans.
Biden pointed to his administration’s efforts in driving the recovery from the Covid-19 pandemic, as well as significant investments in green technology and industries. He also praised the U.S. economy for its resilience, stating, “President-elect Trump is receiving the strongest economy in modern history.”
Despite his many accomplishments, Biden expressed regret over one aspect of his tenure: not personally signing the Covid stimulus checks sent to Americans, a gesture that Trump had made during the pandemic. Nonetheless, Biden’s broader message was one of hope and optimism, emphasizing the importance of U.S. leadership on the global stage.
“As we face a troubled world, the question remains: If we do not lead the world, what nation will?” Biden asked, signaling a sharp contrast to Trump’s increasingly isolationist stance. While Trump has suggested that the U.S. should pull back from global leadership, Biden remains committed to maintaining the country’s influence in international affairs.
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