U.S. President Donald Trump announces a presidential proclamation placing tariffs on steel and aluminum imports, at the White House in Washington, March 8, 2018. - Reuters
WASHINGTON: President Trump’s chief economic adviser said on Sunday that American consumers would bear some pain from the escalating trade war with China, contradicting Mr. Trump’s claim that his tariffs are a multibillion-dollar, mostly one-way payment by China to the American Treasury.
The comments from Larry Kudlow, the director of the National Economic Council, came after the 11th round of trade negotiations broke off without a deal, prompting Mr. Trump to raise tariffs on $200 billion worth of Chinese products and begin a process to impose levies on nearly every product China exports to the United States.
“In fact, both sides will pay,” Mr. Kudlow said on “Fox News Sunday.” “Both sides will suffer on this.” - New York Times
Click here to read the article: Trump’s Trade War Escalation Will Exact Economic Pain, Adviser Says
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