In the coming days‚ Janet Yellen the US Treasury Secretary‚ is getting ready to speak out against economic ideas put forward by a Republican running for president (its widely known to be Donald Trump though she wont say his name). Yellen plans to tell the Council on Foreign Relations that these ideas could make things cost more and hurt companies
Yellen will say: “Big tariffs on everything would make stuff pricier for American families and our companies would find it harder to compete.“ She thinks the wide-ranging tariffs that this candidate and some Republicans in Congress want would be bad for the US economy
Trump is making tariffs and lower taxes the main parts of his money plan for voters. Most people think money issues are the biggest deal in the 2024 election. In a talk with Bloomberg News on 10/15/24‚ Trump stood up for his trade ideas. He said his plan would bring back US factories and make enough money to help with the big money the country owes
The Treasury boss will point out that these ideas could:
- Push prices up for regular folks
- Make it tougher for US companies to sell stuff
- Hurt the whole US economy
Yellen thinks its important to talk about this now because the election is coming up and people care a lot about money stuff. She wants to make sure voters know what might happen if these ideas become real