Prominent economist Larry Summers, who served in both the Obama and Clinton administrations, recently expressed deep concerns about elements of President Joe Biden's economic agenda.

In a virtual address at the Peterson Institute for International Economics on Tuesday, Summers labeled aspects of the administration's plan as "increasingly dangerous," warning that they could potentially lead to a surge in prices, negatively impacting American citizens, according to CNN.

“I am profoundly concerned by the doctrine of manufacturing-centered economic nationalism that is increasingly put forth as a general principle to guide policy,” Summers said, according to the outlet.

Also Read: 'China Has 10 Years Left, At Most' — 100 Million Population Drop Could Lead To Economic Disaster, According To Famed Analyst

The Details: The former Treasury Secretary expressed objections to the Biden administration's stance on trade, efforts to support U.S. manufacturing, and its approach to antitrust measures. He argued that such policies might create inflationary pressures, posing significant risks to the economy.

In response to Summers' critique, the White House defended its economic strategy. According to White House spokesperson Michael Kikukawa, who released a statement to CNN, “Bidenomics” represents a decisive departure from the supply-side economics of the past, which failed to adequately invest in the American people and foster competitiveness.

Kikukawa emphasized that Biden's targeted investments in infrastructure, clean energy, and semiconductors aim to enhance economic resilience, according to the news outlet.

“The pandemic and Russia’s war in Ukraine made clear that supply chains and critical resources can be easily disrupted, hurting consumers, workers, and the entire economy,” Kikukawa told CNN.

Biden’s economic stance may prove beneficial for stocks pivotal to the EV battery supply chain, wind, and solar energy industries and clean energy infrastructure, such as those held in the Sprott Energy Transition Materials ETF (NASDAQ:SETM).

Read More: Trump's Financial Lifeline — Axos Bank Steps Up Amid Crisis: Report