According to Xinhua News Agency, on April 10, former US Treasury Secretary Janet Yellen described the economic policies of the current administration under Donald Trump as the "most self-inflicted wound" she has ever seen.
Yellen expressed concerns that the imposition of tariffs and other policies has significantly increased the risk of an economic recession in the US.
In an interview with CNN, Yellen highlighted that the current administration's tariff policies could potentially cost the average American household nearly US$4,000 more per year.
In addition to the detrimental impact on consumer spending, Yellen warned that the US economy is facing substantial uncertainty. She emphasized that reduced investment and consumer spending could very likely lead to an economic recession.
She also pointed out that beyond tariff policies, the administration's cuts to public service agencies such as the Social Security Administration and the Internal Revenue Service, as well as reductions in government programs like Medicaid and food assistance, could harm low-income families. She described these policies as highly "destructive."
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