TEHRAN, Young Journalists Club (YJC) - “In fact, both sides will pay. Both sides will suffer on this,” Larry Kudlow, the director of the National Economic Council, told Fox News Sunday.
The US and China have been trying to hammer out a deal that could ease their trade war. The 11th round of the talks on a potential agreement failed recently.
Washington then increased a 10% tariff on $200 billion worth of Chinese goods to 25% on Friday, acting on an earlier threat it had issued to force an agreement.
Trump took on Twitter afterwards, claiming a triumph.
We are right where we want to be with China. Remember, they broke the deal with us & tried to renegotiate. We will be taking in Tens of Billions of Dollars in Tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-Tariffed countries...
— Donald J. Trump (@realDonaldTrump) May 12, 2019
The administration has even ordered the initiation of a process to raise its levies on some $300 billion more Chinese imports, which equals relatively the entirety of US-headed Chinese goods.
Despite acknowledging the pressure that the policy imposes on taxpayers, Kudlow claimed that waging the trade war and even adding fuel to its fire would at the end of the day be to the United States’ benefit.
“We have had unfair trading practices all these years and so in my judgment, the economic consequences are so small that the possible improvement in trade and exports and open markets for the United States, this is worthwhile doing,” he alleged.
Source: Press TV