Biden Slams Trump's Economic Progamme
On 10 December 2024, Joe Biden delivered a forceful critique of Donald Trump’s economic plan at the Brookings Institution, calling it a “disaster.”
Tune in as I deliver remarks on my middle-out, bottom-up economic playbook at the Brookings Institution. https://t.co/YwnmrTNvPf
— President Biden (@POTUS) December 10, 2024
Biden focused on Trump's proposal to increase tariffs, warning that a 25% tariff on imports from Canada and Mexico, along with a 10% tax on Chinese goods, would damage international relations and harm the US economy.
He stated:
“This approach is a huge mistake.”
He also expressed concern over the potential weakening of strategic alliances and America's global competitiveness.
Biden further condemned Trump's tax cuts for the wealthiest Americans, arguing they would exacerbate inequality and lead to severe budget deficits, threatening funding for vital sectors like healthcare, education, and veterans' services.
Biden urged Americans to reject Trump's "Project 2025," an ultra-conservative economic agenda that he believes would have damaging social and economic consequences.
I pray to God that the president-elect throws away Project 2025. I think it would be an economic disaster.
I believe the only way for a president to lead America is to lead all of America.
— Joe Biden (@JoeBiden) December 12, 2024
Global Leaders Concerned Over Trump's Tariff Increase
Biden's criticisms of Trump's economic agenda have sparked concern beyond US borders, drawing reactions from global leaders.
Claudia Sheinbaum, Mexico's president, warned that Trump's proposed tariff increases would harm both nations, citing potential inflation and job losses on both sides of the border.
BREAKING: Mexican President Claudia Sheinbaum hits back hard at Donald Trump with a dire warning after he announces his disastrous tariffs — and breaks down exactly how idiotic his idea is.
This is what a real leader sounds like...
"Seventy percent of the illegal weapons… pic.twitter.com/7IWQ24p7CE
— Occupy Democrats (@OccupyDemocrats) November 26, 2024
Canadian Prime Minister Justin Trudeau underscored Canada's vital role in supplying energy to the US and cautioned against the disruptions these tariffs could cause.
Trudeau told reporters that Trump didn't (fucking) understand tariffs, he said, “Our responsibility is to point out that in this way he would be actually not just be harming Canadians, who work so well with the United States; he’d actually be raising prices for American citizens… pic.twitter.com/obmuWGgqOc
— P a u l ◉ (@ybarrap) November 30, 2024
Meanwhile, China’s Ministry of Commerce called for Washington to adhere to international trade rules, emphasizing that such policies could strain bilateral relations and escalate global economic tensions.
These international concerns highlight the broader risks of Trump's protectionist approach, which, while aiming to protect US jobs, could disrupt global supply chains and harm economic partnerships.
In contrast, Biden points to his administration's successes, such as reducing inflation from 9.1% in November 2022 to 2.3% today, as evidence of effective economic stabilisation.
At Brookings, Biden says Trump is “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… this approach is a major mistake.” pic.twitter.com/OnNgTg3sEw
— DJ Judd (@DJJudd) December 10, 2024
This raises a crucial question: which path will the US take to maintain its economic competitiveness while safeguarding international trade relations?
The contest between Biden and Trump is not just a domestic political battle; it reflects a larger struggle to shape America's future amidst growing economic and geopolitical challenges.
Biden advocates for stabilising policies and international cooperation, while Trump pushes for radical reforms that provoke both support and concern.
The decisions made by American voters and international partners will significantly impact the US's position in the global economy and its strategic relationships with trade allies.