Biden Calls Trump's Tariff Approach "a Major Mistake"

"He seems determined to impose steep universal tariffs on all imported goods brought to this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer," Biden said in a speech at the Washington, DC-based think tank Brookings Institution, Xinhua reported.

"Who do you think pays for this? I believe this approach is a major mistake. I believe we have proven that approach is a mistake over the past four years," said Biden.

In the speech, the outgoing US president reflected on the economy he inherited from Trump and his administration's work following the COVID-19 pandemic. He also criticized Trump's economic plan, warning that it means "another tax cut for the very wealthy."

"(By) all accounts the incoming administration is determined to return the country to another round of trickle-down economics and another tax cut for the very wealthy that will not be paid for or, if paid for, is going to have a real cost," Biden said.

At a Wall Street Journal CEO Council event on Tuesday, US Treasury Secretary Janet Yellen also expressed concerns about Trump's proposal to impose widespread import tariffs, warning that it could hinder progress in reducing inflation and lead to higher costs for both consumers and businesses.

In an interview with NBC News on Sunday, Trump said he would fulfill a campaign promise to levy tariffs on imports from the United States' major trading partners, saying that tariffs "cost Americans nothing.