Yellen Defends Biden’s Strategic Tariffs on Chinese Goods

U.S. Treasury Secretary Janet Yellen supported President Biden's targeted tariffs on Chinese goods to protect key domestic industries like electric vehicles and semiconductors. Contrarily, she warned that Donald Trump’s broader tariff proposals would result in higher costs for U.S. consumers.

U.S. Treasury Secretary Janet Yellen on Thursday defended President Joe Biden's increased tariffs on certain Chinese goods as highly strategic but said Republican presidential candidate Donald Trump's tariff proposals would be much broader and raise costs for consumers.

Yellen told a news briefing in Atlanta that Biden's new tariffs are aimed at protecting electric vehicles, solar energy products and semiconductors from excess Chinese capacity, and the administration refuses to allow U.S. firms in these sectors "to be put out of business by dumping...by a coordinated Chinese effort."