Janet Yellen has warned that Donald Trump’s tariffs will have a “tremendously adverse” impact on the US economy as they “hobble” companies that rely on critical minerals supplies from China.
Yellen, who served as Treasury secretary under former president Joe Biden and was previously the Federal Reserve chair, said Trump’s wide-ranging levies on trading partners risked tipping the US into recession.
“[The tariff strategy] will have tremendously adverse consequences for the United States, for consumers, for the competitiveness of firms that rely on imported inputs,” Yellen told the Financial Times, noting that about 40 per cent of goods imported into the country were inputs for domestic production.
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