Kudlow’s admission contradicts many of Trump’s comments and tweets to the effect that Chinese companies pay the tariffs in what amounts, in the president’s view, to a massive transfer of wealth to the United States from China. Yet almost no economist has agreed with Trump’s view and fact-checkers routinely brand Trump’s assertion false and point out that American importers of goods from China pay the tariffs.
Trump has also asserted that trade wars are “easy to win,” but Kudlow accepted that they come with costs for the U.S. economy, though he downplayed the impact.
On Friday, the Trump administration raised duties on $200 billion of Chinese imports to 25% from 10%, after charging that China had backtracked on commitments it made earlier in the talks. The administration has already hit $50 billion of additional Chinese goods with 25% duties.
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8 comments:
Just like corporate taxes tariffs are paid by the purchaser. He has made a big mistake increasing tariffs on China. He should have just rolled over and done whatever China wanted to do. They control the majority of manufacturing which we are fine with, they are a huge polluter which we are fine with so why are we interested in them treating the US fairly. Just give them anything they want which is what we have done for decades ad look how great it has worked.
Oh gosh Skud... is it possible in your world that just because someone doesn't like tariffs, doesn't mean they can't have an effective policy towards China? The binary thinking of so many ppl commenting on US policy is amazingly shallow.
Be ware of the 'stache'
Rev, Why not have tariff free trade on both sides. The problem with that is the governments need the revenue. Better yet how about a Fair tax system where everyone pays their Fair share, something the democrats preach but only if it applies to the middle class.
Other than punitive tariffs toward China what would an effective policy look like. Even chuckie is in favor of punishing China with equal tariffs. I guess we could pay billions to a ineffective clean air treaty and let China off the hook to comply, that would show good faith.
skudrunner, perhaps you could explain just how a full blown trade war is good for anyone. The world economy is now so intertwined and interdependent a full scale trade war will have serious and deep negative effects globally.IE it won't accomplish what your president claims it will. But he will subsidize American soy bean growers (to name just one group) to offset the significant impact on them. Call it state enacted corporate socialism if you will.
RN, A full scale trade war has been going on for years. How many products can you purchase that were made in the US and are there any that is entirely built in the US. I do not care for the way the current president conducts himself but I do like the fact that he doesn't apologize for the US for being a world leader. I know it is hard to accept a strong president who puts America first because your idol did just the opposite.
Trump is an authoritarian, unethical, and immoral A-hole. He in FACT is a emotional and physcological weakling.
That aside, you do realize that Trump is NOT putting America First. He's is only concerned about numero uno, DJT.
Factually, a trade war WILL hurt Americans, including the middle class. But yeah, MAGA was a brilliant slogan that Trump KNEW would sell well. To the con sheeple anyway.
BTW, I do not idolize ANYONE. With the possible exception of my paternal grandfather who died 33 years ago.
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