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American consumers pay for the Trump administration’s tariffs on Chinese imports, National Economic Council Director Larry Kudlow told “Fox News Sunday” host Chris Wallace two days after U.S.-China trade talks ended with no news of a deal.
“Both sides will suffer on this,” Kudlow said, after President Trump decided to more than double tariffs on $200 billion worth of Chinese imports when talks between the two countries ended.
“Talks with China continue in a very congenial manner — there is absolutely no need to rush — as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products,” Trump tweeted. “These massive payments go directly to the Treasury of the U.S.”
He also claimed that tariffs will “bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind.”
Economists and Senate Republicans have openly disagreed with Trump on the efficacy of tariffs. And Sen. Kamala Harris, D-Calif., a 2020 presidential candidate, said on CNN’s “State of the Union” that the Trump administration has “failed to understand that we are stronger when we work with our allies on every issue, China included.”
“This president seems to believe and has a preference for conducting trade policy, economic policy, foreign policy by tweet,” Harris said. “And that’s irresponsible.”
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