Biden opposes Trump’s tariff and tax proposals, calls them ‘major mistakes’

Outgoing US President Joe Biden criticised President-elect Donald Trump’s proposals to impose heavy tariffs on both US allies and rivals, as well as to extend tax cuts from his first administration, arguing that these policies would harm the economy’s stability.

“By all accounts, the incoming administration is determined to return the country … (to) 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, once again, causing massive deficits or significant cuts in basic programs of healthcare, education, veterans benefits,” The Guardian quoted Biden as saying in a speech billed at promoting his economic accomplishments

“On top of that, 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. Who do you think pays for this? I believe this approach is a major mistake. I believe we’ve proven that approach is a mistake over the past four years, but … we will know in time what will happen,” Biden added.

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Biden has largely avoided criticising Trump since his election win, but subtly took jabs at his predecessor while defending his economic record.

“As my administration ends and a new one begins, most economists agree that the new administration will inherit a strong economy, going through a fundamental transformation that sets a stronger, more sustainable foundation for growth,” Biden said. “I hope the new administration will build on this progress.”

Biden also criticised Trump’s pandemic response, saying, “The previous administration, quite frankly, had no plan, real plan, to get us through one of the toughest periods in our nation’s history,”

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Despite Trump’s promise to undo Biden’s legislative accomplishments, including the 2022 infrastructure overhaul, Biden argued that it would be difficult to reverse, as it benefits many red states.

“We had infrastructure week for four years, and nothing got built,” Biden quipped. “I promised to invest equally in red and blue states, and the next president will struggle to undo that,” he added.

With Trump mulling pulling the country back from its international alliances and commitments, Biden argued that it was essential that the US remains dominant in global affairs.

“If we do not lead the world, what nation leads the world?” Biden said in the speech to the Brookings Institution, a prominent Washington DC thinktank.

“Who pulls Europe together, who tries to pull the Middle East together? How do in the Indian Ocean? What do we do in Africa? We, the United States, lead the world.”

Referring to economic policies pursued by his administration and others that Trump has vowed to reverse, Biden said, “My hope and belief is that the decisions and investments that are now so deeply rooted through the nation, it’s going to be politically costly and economically unsound for the next president to disrupt.”

As he closed his speech, Biden singled out Project 2025 as being particularly harmful, and said he hoped Trump does not follow the rightwing blueprint’s proposals to remake the US government.

“I pray to God the president-elect throws away Project 2025. I think it’d be an economic disaster for us and the region,” Biden added.

Trump has publicly repudiated Project 2025, but since winning re-election has appointed conservatives involved in drawing up the document to positions in his incoming administration.

With inputs from agencies