Yellen Says Trump Tariff Policy Misguided, Warns of Uncertainty

Former Treasury Secretary Janet Yellen said the rationale for President Donald Trump’s tariff policies was “unclear and not at all sensible,” adding she believes China would like to “de-escalate this conflict.”

Yellen, who was also chair of the Federal Reserve during the Obama and first Trump administrations, said the recent turmoil in the bond markets and the weakening of the dollar reflected “a loss of confidence,” though things haven’t yet gotten to the point where the Fed would need to intervene.

“Steps toward removing the tariffs, lowering them, are positive, but we’re in a world of tremendous uncertainty,” Yellen ...