(Bloomberg) -- US Treasury Secretary Janet Yellen said former President Donald Trump’s proposed tariffs would raise costs for consumers and weigh on American businesses.

“These are really across the board tariffs as I understand it, that would affect all of our trade partners and all of our trade,” Yellen told reporters Thursday in Atlanta. 

“I believe that is a substantial enough program that it would both raise costs to consumers broadly on all the imports they buy and harm American businesses — many of whom rely on imported goods for their supply chains that would significantly raise their costs,” she added.

Yellen defended, however, President Joe Biden’s decision in May to impose new tariffs on Chinese goods in order to protect US-based manufacturers in industries the administration deems critical, such as semiconductors and clean energy. 

Trump, who is the presumed Republican nominee for the White House, said earlier this month he would pursue a broad increase in import tariffs, especially against China, as a way to offset tax cuts for households.

Economists have warned the 10% tariff plan would impose a dramatic cost on middle-income families — as much as $1,700 annually. Former Treasury Secretary Lawrence Summers called it “a prescription for the mother of all stagflations,” referring to a scenario of high inflation combined with low economic growth.

Separately, Yellen said Vietnam could be a part of US “friend-shoring,” a strategy of strengthening trade ties with trusted partners to bolster supply chains, reduce dependence on a small number of nations for critical components.

Yellen’s comments come as Russian President Vladimir Putin has arrived in Hanoi, in a visit that underlined Vietnam’s decades-old relationship with Moscow despite US criticism over the Kremlin’s invasion of Ukraine.

“It is not a condition of our partnership that they sever their ties to Russia or to China,” she said. 

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