Donald Trump has been exposed as a failed businessman, so it is hard to take his suggestions seriously. POTUS went through six business bankruptcies and nearly one personal bankruptcy. Each time he was about to go under, his father came to the future president’s rescue. If Trump had just stuffed the tens of millions of dollars his father gave him into the bank, he would have been far ahead. Even so, the president of these United States has decided to take on another great experiment.
The Fox News show’s host Chris Wallace invited the Director of the National Economic Council Larry Kudlow (a financial expert) to talk about the Chinese tariffs. He tweeted their conversation:
‘CHRIS TALKS TO @LARRY_KUDLOW ABOUT WHO ACTUALLY PAYS THE TARIFFS WITH CHINA IF THEY WERE TO BE IMPOSED .’
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
Wallace told the Director of the National Economic Council that it would be the Americans at financial risk. The host continued, saying this about the president’s tariffs:
‘IT’S NOT CHINA THAT PAYS TARIFFS, IT’S THE AMERICAN IMPORTERS, THE AMERICAN COMPANIES THAT PAY WHAT IS IN EFFECT A TAX INCREASE. AND OFTENTIMES PASSES IT ON TO U.S. CONSUMERS.’
Kudlow conceded:
‘FAIR ENOUGH. IN FACT, BOTH SIDES WILL PAY.’
Wallace responded:
‘IF IT’S A TARIFF ON GOODS COMING IN, THE CHINESE AREN’T PAYING.’
Then, Wallace brought up China’s GDP (Gross Domestic Product) losses:
‘I UNDERSTAND THAT BUT THE PRESIDENT SAYS CHINA PAYS THE TARIFF. THEY MAY SUFFER CONSEQUENCES BUT IT’S U.S. BUSINESSES AND U.S. CONSUMERS WHO PAY.’
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