So... who's really getting pinched by these tariffs?
President Trump says that trade wars are “good and easy to win,” and that the U.S. is basically “collecting” tariffs from China.
“Our country can take in $120 billion a year in tariffs, paid for mostly by China, by the way, not by us,” Trump said recently. “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. White House economic adviser Larry Kudlow on Sunday contradicted his boss, telling Fox News that China, in fact, doesn’t directly foot the bill.As Goldman Chief Economist Jan Hatzius points out, the impact on U.S. consumer prices is greater than the bank had originally estimated. He also warned prices could get even steeper if the two sides don’t reach a deal.
“First, the costs of U.S. tariffs have fallen entirely on U.S. businesses and households, with no clear reduction in the prices charged by Chinese exporters,” Hatzius wrote. “Second, the effects of the tariffs have spilled over noticeably to the prices charged by U.S. producers competing with tariff-affected goods.”As it stands now, investors are most definitely feeling the impact. The Dow DJIA, -2.38% closed Monday down 617 points, or 2.4%, while the Nasdaq COMP, -3.
Shawn Langlois Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.
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