US Treasury Secretary Janet Yellen gave a speech on Thursday, warning about the impact of massive tariff hikes on inflation.

Candidate for President Trump is proposing a blanket 10% tariff on all imported goods, along with tariffs of 60% or higher on imports from China.

Economists expect that such imposts would be inflationary.

In her speech Yellen did not explicitly mention Trump, but outlined the risks associated with “sweeping, untargeted tariffs”:

• an increase in “prices for American families”
• stifling business competition

Yellen spoke at a Council of Foreign Relations conference.

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Yellen was Federal Reserve Chair prior to Powell. Her current role is a political appointment.