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US will suffer from tariffs, Trump aide Larry Kudlow admits

May 13, 2019 5:10 am

One of Donald Trump’s top economic advisers has acknowledged the president was wrong to suggest that China would pay tariffs on its exports to the US.

Larry Kudlow, who heads the National Economic Council, accepted it was US businesses that paid the import tax.

He told Fox News that he believed “both sides will suffer” from the escalating trade dispute.

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On Friday Mr Trump tweeted that tariffs on $250bn of goods coming into the US were being paid “by China”.

The president argued there was “no need to rush” into a trade agreement with China, as the US Treasury was benefiting from these “massive payments”.

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