She Called Inflation 'Transitory,' Now Dismisses American Manufacturing as 'Pipe Dream'

Former Treasury Secretary Janet Yellen criticized former President Donald Trump’s tariff policies during a Monday appearance on CNBC’s Squawk Box, casting doubt on the feasibility—and even the value—of revitalizing American manufacturing.

Yellen, who served as Chair of the Federal Reserve from 2014 to 2018 before leading the Treasury Department under President Joe Biden, argued that the tariff landscape has left businesses and households uncertain about the future.
“Things have been just chaotic,” she said. “The reciprocal tariffs put on and paused… This is really creating an environment in which households and businesses feel paralyzed by the uncertainty about what’s going to happen — it makes planning almost impossible.”

She went on to question the core aim of Trump’s economic agenda: bringing manufacturing jobs back to the U.S.
“Perhaps it’s to bring back American manufacturing, but I really think that’s a pipe dream, and not something that is likely to be accomplished,” Yellen stated. “And we could even raise questions about whether or not, in a broad-based way, that’s a desirable goal.”