Donald Trump’s chief Economist has admitted what his boss doesn’t understand or or doesn’t give a shit about….
National Economic Council Director Larry Kudlow acknowledged Sunday that American consumers end up paying for the administration’s tariffs on Chinese imports, contradicting President Trump’s repeated claim that the Chinese foot the bill.
In an appearance on “Fox News Sunday” two days after U.S.-China trade talks ended with no news of a deal, Kudlow was asked by host Chris Wallace about Trump’s claim.
“It’s not China that pays tariffs,” Wallace said. “It’s the American importers, the American companies that pay what, in effect, is a tax increase and oftentimes passes it on to U.S. consumers.”
Chris talks to @larry_kudlow about who actually pays the tariffs with China if they were to be imposed #FNS
“Fair enough,” Kudlow replied. “In fact, both sides will pay. Both sides will pay in these things.”
Pressed again by Wallace, Kudlow acknowledged that China does not actually “pay” the tariffs.
“No, but the Chinese will suffer GDP losses and so forth with respect to a diminishing export market,” he said…..