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Yellen says Trump’s taxes-tariffs plan would ‘harm American businesses’

Treasury Secretary Janet Yellen strongly disagreed with Republican presidential candidate Donald Trump’s idea to reduce federal income taxes and replace them with increased tariffs to compensate for the lost revenue.

The former president outlined his plan to Republican lawmakers during his visit last week, and many people saw it as a sound campaign strategy as citizens struggle with inflation, even if nothing else. However, to Yellen, it is unrealistic.

“It would require tariffs well over 100%,” Yellen told Jonathan Karl on ABC’s This Week. “The impact would be to make life unaffordable for working class Americans and would harm American businesses.”

Trump has long expressed his support for tariffs, as well as his interest in reducing taxes. The announcement of his plans last week could have been a campaign effort to contrast himself with President Joe Biden, with whom many people are upset over the economy. Yellen defended the Biden administration’s policies though.

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“It is true that, over the last roughly three years, there’s been a significant increase in the price level,” the Treasury secretary said. “It’s now rising at a very slow, close to normal rate…I would point out, of course, that wages have also gone up.”

Yellen also said it is the Biden administration’s “top priority” to reduce costs however they can, and cited difficulties from the pandemic as a reason for Americans’ feelings on the economy.



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