Kudlow says US will pay for China tariffs, contradicting Trump

Larry Kudlow, Director of the United States National Economic Council.

Adam Jeffery | CNBC

White House economic adviser Larry Kudlow on Sunday acknowledged that the Chinese do not directly pay tariffs on goods coming into the U.S., contradicting President Donald Trump’s claims that China will pay tariffs imposed by the U.S.

Kudlow acknowledged that “both sides will suffer on this,” but argued that China will suffer significant GDP losses as export markets are hit. The blow to U.S. GDP, on the other hand, won’t be substantial since the economy is “in terrific shape,” he said.

“This is a risk we should and can take without damaging our economy in any appreciable way,” Kudlow told Fox News’ Chris Wallace.

Kudlow said that Trump will likely meet with Chinese President Xi Jinping at the June G-20 summit in Japan.

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