Donald Trump got up Monday morning and went right back to the stream of misinformation he’d spent the weekend tweeting about his trade war with China, claiming that “Their [sic] is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today.” But over the weekend, his top economic adviser, Larry Kudlow, admitted that Trump’s claims are false. “In fact, both sides will pay,” Kudlow said in response to tough questioning from Fox News’ Chris Wallace. “Both sides will suffer on this.”
Economists say Trump’s trade war risks slowing the U.S. economy. “Trump is dragging a dangerous misconception into a critical moment in his standoff with the Chinese,” according to one trade expert. “And American businesses and consumers stand to pay the price.” A former Federal Reserve official said that “There is absolutely no question that these tariffs, if imposed and sustained, increase the probability of a recession.”
Meanwhile, China announced a new round of tariffs on U.S. goods starting June 1, so there’s going to be more suffering to go around. And Trump continues to lie about the impact of his trade war.