In a speech defending his record, American President Joe Biden strongly criticized on Tuesday December 10 the economic policy that Donald Trump wishes to put in place, calling it a “disaster”. In his sights, in particular: the increase in customs duties desired by his successor. The billionaire has already announced that he would increase, as soon as he takes office on January 20, customs duties on all products imported from Canada and Mexico as well as on products coming from China, the three most major economic partners of the United States. “I think this approach is a huge mistake,” the US president said during a speech at the Brookings Institution in Washington.
During a speech punctuated by coughs (the president claiming that he had caught a cold), Joe Biden endeavored to defend his economic record, while the Americans elected his rival more than a month ago, judging notably that the cost of living was too high under the Democrat.
The president warned against the return of Donald Trump and the implementation of his program: “I pray to God that the president-elect rejects ‘Project 2025’. I think it is an economic disaster for us and the region,” he said, referring to the ultraconservative program that could serve as a road map for the Republican’s second term.
“The strongest economy in modern history”
“President-elect Trump inherits the strongest economy in modern history, which everyone would want,” added Joe Biden, in a speech singing the greatness of the United States and its economy. He also lambasted a “new tax cut for the richest” which would have “a real cost, leading once again to massive deficits or significant cuts in basic programs in health care, education and Veterans Benefits.
Treasury Secretary Janet Yellen also expressed fears about the massive tariff increases promised by Donald Trump. “It is a strategy which, I fear, could derail the progress we have made in terms of inflation and have harmful consequences on growth”, underlined the Minister of Economy and Finance of Donald Trump , during an event organized by the Wall Street Journal.
Inflation had already rebounded in October in the United States, for the first time since March, to +2.6% over one year, according to the CPI index – on which pensions are indexed. November data will be released this Wednesday.
The Treasury Secretary also indicated that she had spoken with her potential successor, Scott Bessent – chosen by Donald Trump and who will have to be confirmed by the Senate. “I had a conversation with him before Thanksgiving, congratulated him on his appointment and told him that I thought he would find this work extremely interesting and challenging, and that Treasury has a very broad range of responsibilities “, detailed Janet Yellen.
Joe Biden is committed to a smooth transition with Donald Trump, who relegates his predecessor to the shadows with shocking publications on his Truth Social network, such as the announcement of the increase in customs duties which panicked the United States’ neighbors.