President Joe Biden called embattled British Prime Minister Liz Truss’ abandoned tax cut plan a mistake and said he worries that other nations’ fiscal policies may hurt the United States amid “worldwide inflation.”
Biden said that it was predictable that Truss was forced to walk back plans to aggressively cut taxes without identifying cost savings after her proposal caused turmoil in global financial markets.
“I wasn’t the only one that thought it was a mistake, I disagree with the policy, but that’s up to Great Britain,” he said.
His comments come after weeks of White House officials declining to criticize Truss’s plans though emphasising that they were monitoring the economic fallout keenly.
He spoke to reporters at an Oregon ice cream shop where he made an unannounced stop to promote the candidacy of Democratic gubernatorial candidate Tina Kotek as Democrats across the country face a tough political environment amid GOP criticism of their handling of the economy.
Biden said he was not concerned about the strength of the dollar as it set a new record against the British Pound in recent weeks which benefits U.S. imports but makes the country’s exports more expensive to the rest of the world.
“I’m concerned about the rest of the world. The problem is the lack of economic growth and sound policy in other countries,” he said.