Biden Economist Neiman Criticizes Trump’s Tariffs as ‘Very Wrong’

President Joe Biden's chief economist, Jared Bernstein, has sharply criticized former President Donald Trump's tariff policies, labeling them as 'very wrong' and detrimental to the U.S. economy. This statement comes amidst ongoing debates over the impact of tariffs imposed during Trump's administration, which have continued to reshape global supply chains.

According to recent analyses, Trump's tariffs have not only affected the U.S. but have also led to significant shifts in international trade dynamics. Companies around the world have been forced to reroute their supply chains to mitigate the effects of these tariffs, which were primarily aimed at China but have had a broader global impact.

Live updates from financial markets indicate that the stock market has been reacting to these developments, with particular attention to how U.S.-China trade relations will evolve under the current administration. The U.S. Trade Representative's office continues to monitor and calculate reciprocal tariffs, highlighting the ongoing adjustments in trade policies.

• China
• Donald Trump
• Jared Bernstein
• U.S. Trade Representative

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What is the US reciprocal tariff?

Executive Summary. Reciprocal tariffs are calculated as the tariff rate necessary to balance bilateral trade deficits between the U.S. and each of our trading partners.

What do tariffs do?

DEFINING TARIFFS While governments do not set prices directly through tariffs, they affect the final price of imported goods, often making them less competitive compared to locally produced alternatives.

Who was Peter Navarro?

Peter Kent Navarro (born July 15, 1949) is an American economist who has been the senior counselor for trade and manufacturing to U.S. president Donald Trump since January 2025.

When did US tariffs start?

The Tariff Act of 1789 imposed the first national source of revenue for the newly formed United States. The new U.S. Constitution ratified in 1789, allowed only the federal government to levy uniform tariffs.