Economy

Trump says trade deal with China was 95 percent done

Trump says trade deal with China was 95 percent done”

Even the President's chief economic adviser, Larry Kudlow, has conceded that consumers will likely bear the costs of the fresh tariffs.

"It's not China that pays tariffs".

"Paid for mostly by China, by the way, not by us".

"I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries", Trump tweeted.

"It is not China that pays tariffs, it's the American importers, the American companies that pay what in effect is a tax increase and oftentimes pass it onto United States consumers", Wallace said, prompting Kudlow to agree, albeit with a reservation.

"Fair enough", Kudlow responded, adding after the anchor's interjection - "if it's a tariff on goods coming into the country, the Chinese aren't paying" - that "In fact, both sides will pay".

Pressed by Fox News' Chris Wallace, Kudlow appeared to contradict Trump's recently adopted mantra that an increase in tariffs on Chinese goods is entirely beneficial to the US.

Beijing has already vowed to retaliate against Washington's latest move to impose 25 percent tariffs on $200 billion worth of Chinese goods.

The US' top negotiators in trade talks with China - Treasury Secretary Steve Mnuchin and US Trade Representative Robert Lighthizer - met with China's Vice Premier Liu He on Friday, but the talks did little to bring the two sides closer. Trump chose to increase the tariffs following what the USA called China's decision to renege on key parts of a developing deal.

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The potential tax is a direct response to China's decision to impose a 25% tariff on $60 billion of American-made products last Friday.

"We are right where we want to be with China", Trump tweeted.

President Trump said Monday that a trade deal with China was "95 percent" complete before Chinese officials pulled the plug, prompting him to double down on his trade war with the world's second-largest economy.



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