Biden calls Trump’s tariff approach ‘a big mistake’

President Joe Biden delivered a speech Tuesday that focused on his administration’s economic legacy and drew a sharp contrast between his four years in office and President-elect Donald Trump’s past and future terms.

Biden reflected on the economy he inherited from Trump and his administration’s work to help the country recover from COVID-19 in a speech at the Brookings Institution. He argued that his approach to the economy benefits more people than Trump’s trickle-down theory.

Biden criticized the Trump administration for saying it had “no plan, no real plan, to get us through one of the most difficult times in our country’s history,” but he said he learned something from Trump.

“You know, within the first two months of my term, I signed the American Rescue Plan, the most significant economic stimulus package in our history. I also learned something from Donald Trump – he wrote checks to people for $7,400 because we passed the plan and I didn’t. Stupid,” Biden said with a laugh, even though he misstated the total amount of the stimulus checks.

When Jared Bernstein, chairman of the Council of Economic Advisers, was asked about the comment at the White House press conference, he said the president was “joking.”

With the country at a “tipping point” after the 2024 election, the president looked ahead to Trump’s next term, saying, “I pray to God that the president-elect jettisons the 2025 project.” He also bluntly called Trump’s tariff threat ” a big mistake.”

“All in all, the new government is determined to return the country to another round of trickle-down economics and another tax cut for the very rich that will not be paid for or, if paid, will once again incur real costs. “This results in massive deficits or significant cuts to basic programs, health care, education and veterans benefits,” Biden said.

“Furthermore, he appears determined to impose high, universal tariffs on all imported goods brought into this country, under the false assumption that foreign countries will bear the costs of these tariffs, not the American consumer,” Biden added . “Who do you want?” Do you think it’s worth it? I think this approach is a big mistake. I believe we have proven over the last four years that this approach is a mistake. But we all know in time – we all know in time what’s going to happen.”

Regarding his own administration’s actions, Biden praised its work to bring manufacturing back to the United States, boost production of semiconductor chips, reduce health care costs and make major investments in infrastructure.

Biden also praised his team’s work to control inflation and raise wages, but acknowledged that “too many working and middle-class families are struggling with high prices for housing, food and the necessities of life.” and pointed out that the pandemic and the war in Ukraine are driving up inflation.

Biden demanded that his record be compared to Trump’s at the end of his successor’s term.

“President Reagan said, and I quote, ‘Facts are stubborn things.’ “Facts are stubborn things.” They are. Here are the facts, a benchmark by which we should measure the success or failure of our next four years: During my presidency, we created 60 million new jobs in America. “Will the next president create jobs or, like Herbert Hoover, be the only president to lose jobs in his administration?” asked Biden, who last year referred to his political rival as “Donald ‘Herbert Hoover’ Trump.”

“During my presidency, we are experiencing the lowest average unemployment rate of any administration in 50 years,” Biden added. “Will unemployment be higher or lower in the next four years?”

Biden concluded his remarks by pointing to the economy he left behind, even after an election that appeared to show many voters disagreed with him.

“I believe the only way for a president to lead America now is to lead all of America. And I believe that the economy that I’m leaving at the moment – and others can do better than me, I’m not saying I was perfect – but in the end, at this moment, it is the best economy, the strongest economy in the world and making all Americans better off,” Biden said, adding that as he leaves the presidency, he is “not going anywhere.”