Donald Trump claims China is paying for higher tariffs, but economists say it's U.S. companies and consumers
Economic analysts, including the White House's own adviser, appeared baffled by President Donald Trump's claim Sunday morning that the U.S. economy is doing well because of tariffs placed on Chinese imports and his assertion that China — and not U.S. companies — have paid billions because of these tariffs.
As The Tax Policy Center points out, neither China's government nor Chinese companies pay on U.S. tariffs on Chinese imports. Instead, the U.S.-based companies that import these goods pay the additional money, and often end up passing these costs onto American consumers or be faced with lowering their own profit margins.
This research showing that Americans, and not China, ultimately pay for tariffs appears to run counter to the president's claims from Sunday morning. On Twitter, several economic analysts and journalists continued calling out Trump's apparent reversal of how trade tariffs work. An adviser in his own White House, Director of the U.S. National Economic Council, Larry Kudlow appeared on Fox News, where anchor Leland Vittert confronted Ludlow with his own 2011 words about a Chinese tariff battle.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US reportedly warns China over hostile non-naval vessels in South China SeaThe head of the U.S. Navy has warned China that hostile behavior from its coast guard and fishing boats will not be treated any differently from the Chinese navy, the Financial Times reported on Sunday.
Read more »
Here’s the Donald Trump cartoon the New York Times keeps apologizing forthe New York Times last week ran a cartoon in its international paper depicting Benjamin Netanyahu as a guide dog for a blind President Trump. It did not go...
Read more »
Donald Trump says that 'people are fleeing New York' partially because of his tax plan'Is he living under a rock?!” New York Representative Nita Lowey asked in response.
Read more »
Donald Trump urges measles shots for children, in shift from prior warnings on vaccinesPresident Donald Trump, who in the past promoted the theory that vaccinations cause autism, now says unvaccinated children must get shots.
Read more »
Donald Trump faces 2020 trouble in Texas against Biden, Bernie or Beto, poll suggests'Wow,' Counselor to the President Kellyanne Conway's husband George Conway said in regards to the poll.
Read more »
Donald Trump to NCAA women's championship team: 'such beautiful arms, great definition'“You know I love those short sleeves, such beautiful arms,” said Trump. “Great definition.”
Read more »
Donald Trump wants to charge asylum seekers to process applications as migrants seek U.S. entryPresident Trump is proposing charging asylum seekers a fee to process their applications.
Read more »