Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Tuesday, October 22, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Yellen says world was ‘worse off’ under Trump-era isolationism

October 22, 2024
in Business
Reading Time: 3 mins read
A A
0
SHARES
ShareShareShareShareShare

Treasury Secretary Janet Yellen told world financial leaders Tuesday that the U.S. economy has grown stronger because the Biden administration rejected isolationism, offering a barely veiled criticism of former President Donald Trump’s policies two weeks before the U.S. election.

READ ALSO

How Cirque du Soleil’s CHRO rebuilt the company brand after COVID lockdown

Car buyers are switching to discount models as average price breaks $47,000—and it’s not just the cash-poor

Yellen opened the IMF and World Bank annual meetings by highlighting U.S. economic growth since the nation was in the grips of the COVID-19 pandemic. Without mentioning Trump by name, she said in a speech that the Biden administration had ended a period of international isolationism that “made America and the world worse off.”

”We went from millions having lost their jobs to a historic labor market recovery,” Yellen said. She said U.S. economic growth has been “almost twice as fast as most other advanced economies this year and last, even as inflation came down sooner.”

The IMF released its international outlook on the global economy on Tuesday morning and upgraded its economic outlook for the United States this year while lowering its expectations for growth in Europe and China.

The IMF expects the U.S. economy — the world’s largest — to expand 2.8% this year, down slightly from 2.9% in 2023 but an improvement on the 2.6% it had forecast for 2024 back in July. Growth in the United States has been led by strong consumer spending, fueled by healthy gains in inflation-adjusted wages.

The meetings mark the last major international finance gathering held during the Biden administration and come as economic issues are a top concern for American voters. Republicans have blamed the Biden-Harris administration for inflation that reached a 40-year high before dropping. Trump campaign press secretary Karoline Leavitt said in a statement that the Biden-Harris administration “created an inflation crisis, record-high gas prices, skyrocketing mortgage and interest rates resulting in the lowest consumer and small business confidence in decades.”

Voters remain largely divided over whether they prefer the Republican nominee, Trump, or Democratic nominee Vice President Kamala Harris to handle key economic issues, according to an October survey by The Associated Press-NORC Center for Public Affairs Research.

Who wins the U.S. election will also have enormous impacts on global finance and the world’s economy.

Trump and Harris have spoken little about their plans for the International Monetary Fund and the World Bank. But they have differing views on trade, tariffs and other economic issues. Trump has been skeptical of world financial bodies and is promising heavy tariffs if elected. Harris is more likely to continue the Biden administration approach favoring international cooperation over threats, though she has supported some tariffs.

Yellen, like other federal officials, is barred from partisan political activity by the Hatch Act and chose her words carefully in her speech. But she praised Biden-Harris initiatives on climate, health care, infrastructure spending and other areas.

She alluded to Trump’s international leadership saying: “From day one, we rejected isolationism that made America and the world worse off and pursued global economic leadership that supports economies around the world and brings significant benefits to the American people and the U.S. economy.”

Trump, who has embraced isolationism and criticized multilateral institutions, promises as president to impose a 60% tariff on all Chinese goods and a “universal’’ tariff of 10% or 20% on everything else that enters the United States, insisting that the cost of taxing imported goods is absorbed by the foreign countries that produce those goods.

Mainstream economists say that would amount to a tax on American consumers that would make the economy less efficient and send inflation surging in the United States.

The Biden-Harris administration has not eliminated tariffs imposed on China during the Trump administration and in May also slapped major tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment.

Credit: Source link

ShareTweetSendSharePin
Previous Post

Norway sovereign wealth fund posts Q3 earnings 2024

Next Post

The next-gen Roomba Essential robovacs have self-emptying docks and double the suction

Related Posts

Business

How Cirque du Soleil’s CHRO rebuilt the company brand after COVID lockdown

October 22, 2024
Car buyers are switching to discount models as average price breaks ,000—and it’s not just the cash-poor
Business

Car buyers are switching to discount models as average price breaks $47,000—and it’s not just the cash-poor

October 22, 2024
French government ‘must block the sale’ of Sanofi’s Doliprane painkiller to U.S. private equity, critics argue
Business

French government ‘must block the sale’ of Sanofi’s Doliprane painkiller to U.S. private equity, critics argue

October 22, 2024
Meta’s Threads suspends accounts showing private jet travel of billionaires like owner Mark Zuckerberg, Elon Musk and Taylor Swift 
Business

Meta’s Threads suspends accounts showing private jet travel of billionaires like owner Mark Zuckerberg, Elon Musk and Taylor Swift 

October 22, 2024
Trump would make social security insolvent by 2031, report says
Business

Trump would make social security insolvent by 2031, report says

October 22, 2024
Want employees to embrace AI? A Slack exec says knowing the 5 AI personalities is key
Business

Want employees to embrace AI? A Slack exec says knowing the 5 AI personalities is key

October 21, 2024
Next Post
The next-gen Roomba Essential robovacs have self-emptying docks and double the suction

The next-gen Roomba Essential robovacs have self-emptying docks and double the suction

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Here’s why Japan’s stocks are plunging after Shigeru Ishiba’s win

Here’s why Japan’s stocks are plunging after Shigeru Ishiba’s win

September 30, 2024
Foxconn chairman says AI boom still has time to go as LLMs evolve

Foxconn chairman says AI boom still has time to go as LLMs evolve

October 8, 2024
Patients are relying on Lyft and Uber to reach medical care

Patients are relying on Lyft and Uber to reach medical care

October 18, 2024
Reddit policy changes make sitewide protests nearly impossible

Reddit policy changes make sitewide protests nearly impossible

September 30, 2024
AI company Super Micro rebounds despite short seller allegations and reported DOJ investigation

AI company Super Micro rebounds despite short seller allegations and reported DOJ investigation

October 8, 2024
Tesla (TSLA) stock drops after Cybercab robotaxi reveal

Tesla (TSLA) stock drops after Cybercab robotaxi reveal

October 12, 2024
The best 0 drone ever made

The best $200 drone ever made

October 9, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • John Mayer celebrates Mets’ ‘monumental run’ in heartfelt post
  • The next-gen Roomba Essential robovacs have self-emptying docks and double the suction
  • Yellen says world was ‘worse off’ under Trump-era isolationism
  • Norway sovereign wealth fund posts Q3 earnings 2024

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In