China is raising tariffs on $60 billion worth of US goods in response to Trump increasing tariffs on $200 billion worth of Chinese goods. This comes on the heels of Trump’s top economic advisor, Larry Kudlow, telling Fox News that ‘both sides will pay’ for Trump’s trade war. Economists support his view, which contradicts Trump’s claim that tariffs would simply enrich America.
How big a hit will American consumers take? The conservative National Taxpayers Union estimated the U.S. tariffs alone will offset a quarter of taxpayers’ savings from Trump’s signature 2017 tax law.
OZY catches up on Trump’s international challenges.