China will be hurt more than the US by the trade war: Larry Kudlow
DIRECTOR of the US National Economic Council Larry Kudlow has said that the China trade war will hurt China more than the US and have a 'miniscule' on American consumers
DIRECTOR of the US National Economic Council Larry Kudlow has said that the China trade war will hurt China more than the US and have a 'miniscule' on American consumers.
Speaking at the Peterson Institute for International Economics, Mr Kudlow said: 'Any consumer effects will be very, very small.'White House Council of Economic Advisers chairman Kevin Hassett believe the economic burden will shift to China, though he acknowledged 'that remains to be seen.'
China's roughly US$550 billion worth of yearly exports to the US in 2017 accounted for about 4.5 per cent of its GDP, while the case of US, roughly $110 billion worth of exports to China in 2017 accounted for only about 0.5 per cent of its GDP, American Shipper reported.
'It's a jolt, I get that,' Mr Kudlow said, referring to Section 301 tariffs the US has imposed on China. 'Sometimes we have to jolt. That's our point of view.'
He said there are tentative plans for President Donald Trump and Chinese President Xi Jinping to meet during the G20 summit in Osaka, Japan, June 28-29, although the meeting hasn't been set.
'Protecting America's economy, as well as our technology patents must be done on a cost-benefit basis. We can't let the status quo continue,' Mr Kudlow said.