White House economic adviser Larry Kudlow on Sunday contradicted President Trump, saying he didn’t disagree with the characterization that China is not paying the tariffs on goods coming into the U.S.
Kudlow made the comments after Fox News anchor Chris Wallace repeatedly pressed him on “Fox News Sunday” about Trump’s recent comments in regard to trade with China.
“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 oftentimes passes it on to U.S. consumers,” Wallace said.
Chris talks to @larry_kudlow about who actually pays the tariffs with China if they were to be imposed #FNS pic.twitter.com/cwl89OyLDK
— FoxNewsSunday (@FoxNewsSunday) May 12, 2019
“Fair enough. In fact, both sides will pay in these things, and of course it depends,” Kudlow responded, with Wallace interjecting to point out that “if it’s a tariff on goods coming into the country, the Chinese aren’t paying.”
“No, but the Chinese will suffer [gross domestic product] losses and so forth with respect to a diminishing export market and goods that they may need,” Kudlow said.
Wallace replied by noting that Trump has said China pays the tariffs.
“They may suffer consequences, but it’s U.S. businesses and U.S. consumers who pay, correct?” he asked.
Kudlow responded by saying he didn’t disagree with that characterization, adding that both sides will suffer because of new tariffs.
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