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Yellen Expresses Doubts on Results of Trump’s China Deal

  • Some U.S. tariffs hurt consumers, Yellen tells New York Times
  • Deal is one area of stability amid increasingly fractured ties
Bloomberg business news
U.S. Extends Trump-Era Halt to Economic Talks With China
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U.S. Treasury Secretary Janet Yellen expressed doubts about last year’s trade deal with China, the first clear statement from the Biden administration detailing its thinking about the future of the agreement between the world’s two largest economies.

“My own personal view is that tariffs were not put in place on China in a way that was very thoughtful,” she told the New York Times in an interview as she returned to the U.S. last week. “Tariffs are taxes on consumers. In some cases it seems to me what we did hurt American consumers, and the type of deal that the prior administration negotiated really didn’t address in many ways the fundamental problems we have with China.”