US Treasury secretary says broad trade penalties might ‘significantly raise costs to households’
US Treasury secretary Janet Yellen warned the incoming Donald Trump administration against imposing sweeping tariffs, saying they would lead to higher inflation. Donald Trump, who is set to take office next month, has threatened steep tariffs on Canada, Mexico and China — important US trading partners.
“I believe it tends to undermine the confidence of financial markets and ultimately, of Americans in an important institution.” While Trump has doubled down on the use of tariffs as a negotiating tool, he has softened his stance on the Fed. In an interview on Sunday with NBC News’s Meet the Press, he said he would not seek to remove chair Jay Powell before his term expires in May 2026.
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