Trump admits jobs not going to US but other Asian countries in tweet but also contradicts his own Treasury Secretary who admitted that US citizens and companies pay tariffs.
Many Tariffed companies will be leaving China for Vietnam and other such countries in Asia.
https://www.usatoday.com/story/news/...st/1186468001/
WASHINGTON – President Donald Trump continued to insist Monday that China, not U.S. consumers, will bear the cost of the tariffs he is imposing on Chinese goods – a claim contradicted by his chief economic adviser – as China announced its own tariffs in retaliation.
"There is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today," Trump said in a tweet. "Also, the Tariffs can be completely avoided if you by from a non-Tariffed Country, or you buy the product inside the USA (the best idea). That’s Zero Tariffs."
But on Sunday, top White House economic adviser Larry Kudlow acknowledged that tariffs on goods from China are effectively a tax on U.S. companies that is passed onto American consumers, contradicting Trump's repeated insistence that the costs would be borne by China.
"Fox News Sunday" host Chris Wallace played a clip in which Trump said that the U.S. "can take in $120 billion a year in tariffs, paid for mostly by China, by the way, not by us. A lot of people try to steer it in a different direction. It’s really paid – ultimately, it’s paid for by – largely by China."
"But, Larry, that isn't true," Wallace told Kudlow. "It's not China that pays tariffs. It's the American importers, the American companies that pay what, in effect, is a tax increase and often times passes it on to U.S. consumers."
"Fair enough," Kudlow said. "In fact, both sides will pay. Both sides will pay in these things."
On Friday, the U.S. raised tariffs on $200 billion in Chinese goods to 25% from 10% after trade talks between the two countries stalled. Trump said in a tweet Sunday that China "broke the deal" and "tried to renegotiate."
In response, China announced Monday that it was hiking tariffs on $60 billion in U.S. imports with duties ranging from 5% to 25% on hundreds of different products including batteries, spinach and coffee. The tariffs are set to take effect on June 1.
"There is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today," Trump said in a tweet. "Also, the Tariffs can be completely avoided if you by from a non-Tariffed Country, or you buy the product inside the USA (the best idea). That’s Zero Tariffs."
But on Sunday, top White House economic adviser Larry Kudlow acknowledged that tariffs on goods from China are effectively a tax on U.S. companies that is passed onto American consumers, contradicting Trump's repeated insistence that the costs would be borne by China.
"Fox News Sunday" host Chris Wallace played a clip in which Trump said that the U.S. "can take in $120 billion a year in tariffs, paid for mostly by China, by the way, not by us. A lot of people try to steer it in a different direction. It’s really paid – ultimately, it’s paid for by – largely by China."
"But, Larry, that isn't true," Wallace told Kudlow. "It's not China that pays tariffs. It's the American importers, the American companies that pay what, in effect, is a tax increase and often times passes it on to U.S. consumers."
"Fair enough," Kudlow said. "In fact, both sides will pay. Both sides will pay in these things."
On Friday, the U.S. raised tariffs on $200 billion in Chinese goods to 25% from 10% after trade talks between the two countries stalled. Trump said in a tweet Sunday that China "broke the deal" and "tried to renegotiate."
In response, China announced Monday that it was hiking tariffs on $60 billion in U.S. imports with duties ranging from 5% to 25% on hundreds of different products including batteries, spinach and coffee. The tariffs are set to take effect on June 1.
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Originally Posted by Swordsmyth
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