President Donald Trump's tariffs on China are borne almost entirely by American consumers, the evidence shows.
A chief economist in former President Barack Obama's White House branded the Trump administration's tariffs on trade with China"a giant tax on American consumers," and said they are causing as much harm here as they are over there.
"We are literally putting a giant tax on American consumers, which we the American people are paying—all of those tariffs—for an amorphous thing that he says, 'I'm beating up China because they're stealing our intellectual property,'" Goolsbee, who chaired Obama's Council of Economic Advisers, said. "We're not making specific demands and the punishment that we're enacting is one that is harming us just as much as it's harming them."
"And then, think what happens to China when I win. Deal would get MUCH TOUGHER! In the meantime, China's Supply Chain will crumble and businesses, jobs and money will be gone!
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