5/13/2019, 4:58 AM (Source: TeleTrader)
more TeleTrader news

Kudlow admits: US will pay for China tariffs

White House economic advisor Larry Kudlow conceded to the interviewer on Fox News that the United States will pay for tariffs imposed on Chinese imports, a policy pursued for over a year now by President Donald Trump.

After the host argued that the tariffs are "in effect" a "tax increase" on American consumers and companies, Kudlow responded: "Fair enough," and continued to explain that both countries will pay, with Chinese economy suffering due to the "diminishing export market" for its goods.

Kudlow announced earlier in the day that Trump is likely to meet his Chinese counterpart Xi Jinping at the G20 summit in Japan in June where they would discuss trade. Previously, he has pointed out that tariffs are a useful negotiating tactic in talks with Beijing.

Breaking the News / NI