Finance Network, October 17th (Editor Xia Junxiong) US Treasury Secretary Janet Yellen warns that comprehensive, non-targeted tariffs will harm American families and businesses, and hinder the United States in advancing its economic and security interests.

Yellen is scheduled to deliver a speech on Thursday afternoon Eastern Time at the US Foreign Relations Association in New York, and the US Treasury Department has released excerpts of the speech in advance. The Foreign Relations Association is the most influential foreign policy think tank in the United States.

Although not directly named, Yellen's warning appears to be aimed at former US President and Republican presidential candidate Trump.

Trump stated in a media interview on Tuesday that if he wins the US election, he will impose a 20% tariff on all imported goods, a 60% tariff on all goods imported from China, and other tariffs on countries that no longer use the US dollar.

Trump described tariffs as "the most beautiful word in the dictionary," defending his trade protectionism. He also complained that the United States is being taken advantage of by various countries such as China, Mexico, and France.

Trump believes that tariffs can promote the growth of US manufacturing. He had previously threatened US agricultural machinery giant John Deere with a 200% tariff if the company were to relocate some of its production capacity to Mexico.

Yellen stated in her speech, "Calling for high tariffs on friends and competitors, or treating our closest allies as trading partners to isolate the United States from the world economy, is extremely wrong."

Yellen stated: "Comprehensive, non-targeted tariffs will raise the cost of living for American families and weaken our business competitiveness."

She warned that if isolated foreign and economic policies, like those adopted by Trump when he was U.S. president, are taken, it is almost impossible to advance America's economic and national security interests today, such as supporting Ukraine against Russia.

Tariffs are a core part of Trump's economic policy, and he also plans to expand the tax cuts policy he implemented as president, which economists generally criticize. Former U.S. Treasury Secretary Summers previously warned that this will not only trigger stagflation, but also cause enormous damage to the U.S. and global economies.

Editor/ping