Biden told reporters on Saturday that he disagreed with Truss’s policy and considered it a mistake, but that it is up to the United Kingdom to make their own economic judgements.
"No," Jean-Pierre said during a press briefing, when asked if Biden has any regrets about calling the proposed tax cuts a mistake.
Last week, Truss promised to reduce public debt amid a flurry of criticism over the government's new plan to support the economy, which includes large-scale tax cuts. After the plan's announcement, the yield on five-year UK government bonds rose to its highest level since 2008, at 4.6%, which meant a decrease in demand for debt securities. Consequently, sterling fell to an all-time low of $1.054 per pound.
On Friday, Kwasi Kwarteng resigned as the UK’s Chancellor of the Exchequer after reports leaked that he had been fired by Truss over a controversial tax-cut plan for big corporations, which triggered a negative reaction from both markets and the general public.
New UK Chancellor of the Exchequer Jeremy Hunt on Monday canceled almost all measures of Kwarteng’s plan.