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COINOTAG News, May 2nd – In a recent statement reported by the Financial Times, former US Treasury Secretary Janet Yellen expressed significant concerns regarding the implications of Trump’s tariffs on the US economy. She emphasized that such trade measures could have a “huge detrimental” effect, particularly on companies that depend heavily on mineral supplies from China. Yellen noted that the sweeping taxation on trading partners risks driving the US closer to a recession.
She cautioned, “(Tariff strategy) will severely impact not only the economy but also consumers and businesses that rely on imported raw materials for their competitive edge.” According to her analysis, approximately 40% of US imports consist of goods utilized as essential inputs for domestic production. While she refrained from directly forecasting a recession, Yellen acknowledged that the likelihood of such an outcome has significantly escalated.
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