The atmosphere for the midterm elections is growing, and various “heroes” in American politics are starting to compete from afar.
According to Bloomberg's report on October 6th, Yellen, the former Treasury Secretary during the Biden Democratic administration, recently joined the ranks of those criticizing current Republican President Trump. She accused him of treating U.S. allies in a 'shocking' manner and supported countries like Canada in retaliating against U.S. tariffs and other protectionist measures.
Ironically, the former Treasury Secretary shifted gears and, just like during her tenure when she strongly advocated for "friend-ship and outsourcing," continued to promote the so-called "China threat theory." She advocated for cooperation between the United States and its allies, and urged the formation of protectionist measures against China.
Former US Treasury Secretary Yellen – Bloomberg video screenshot
According to reports, the Trump administration has imposed a series of new tariffs on U.S. trade partners since last year. Trump criticized Canada and other countries for “taking advantage of the United States.” Current Treasury Secretary Steven Mnuchin also echoed these remarks, speaking rudely about some allies, such as criticizing Canada for “attempting to enjoy the benefits of one of the U.S. states without truly becoming part of it.”
In an interview with Bloomberg TV, former Canadian Finance Minister Kristi Freeland questioned these measures. When asked about Trump's decision to impose tariffs on trading partners and his attempt to "monetize" the security relationships between the United States and its allies, Yellen replied, "I think this is shocking. I completely understand why you feel betrayed by the United States and are so angry about it."
In response to Trump's tariff threats, Canada’s Trudeau government has taken a tough countermeasure. Yellen agrees with Canada’s actions and stated that “it is important for Canada and other countries not to accept such things passively, but to take countermeasures instead.”
As the first economist in American history to serve as Chairman of the White House Economic Advisory Board, Chairman of the Federal Reserve, and Secretary of the Treasury, Yellen remains a prominent voice of global financial markets and media after her resignation. She has openly criticized Trump's tariff policies on several occasions.
During the interview, she stated that these tariffs “fundamentally go against the interests of the United States” and cause “huge losses to the United States.” “Especially when Americans are most concerned about living costs—they feel that their income doesn’t cover their expenses. Tariffs will only make the situation worse.”
Bloomberg noted that during her tenure, Yellen actively promoted "friendship outsourcing," aiming to diversify the supply chain by deepening trade relations with U.S. allies and other partners, thereby reducing dependence on China and other geopolitical competitors.
In the interview, she continued the Biden administration's approach of containing China, advocating for cooperation between the United States and other countries to address the challenges posed by China to the global trade system. Yellen declared, "The only way to successfully address and confront these concerns caused by China is through unity among all of us."
"With that said, our scale is sufficient enough to make progress on these issues with China," she also added. "Although the United States has implemented its own export controls and investment restrictions, without a coalition of allies working together, these measures would be impossible to achieve success."
