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Calls for broad-based high tariffs misguided, says U.S. Treasury Secretary Yellen

0 Comment(s)Print E-mail Xinhua, October 18, 2024
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NEW YORK, Oct. 18 (Xinhua) -- U.S. Treasury Secretary Janet Yellen said Thursday that the calls for walling America off with high tariffs on friends and competitors or treating even its closest allies as transactional partners are deeply misguided.

Speaking at a dialogue hosted by the non-partisan think tank Council on Foreign Relations, Yellen criticized the idea of introducing broad-based tariffs and stressed the benefits of international trade and investment.

"Sweeping untargeted tariffs would raise prices for American families and make our businesses less competitive, and we cannot even hope to advance our economic and security interests," said Yellen, who served as chair of the Federal Reserve from 2014 to 2018.

Broad-based high tariffs will make domestic firms relying on imported intermediate goods less competitive and raise the cost of living, particularly for low-income households, according to Yellen, citing research studies over decades.

"Trade expands the market for our exports from services to goods like transportation equipment and electronics. It helps our producers efficiently source key inputs and enables American consumers to access more goods at lower prices," Yellen added.

Yellen noted that scores of millions of American jobs depend on trade and investment, which also offer crucial pathways to greater economic security. Enditem

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