US President Trump said Saturday that things are going well with China, insisting that US consumers do not bear the burden of import duties, although the economists say citizens will pay the bill.
“Things are going very well with China, they are paying us tens of billions of dollars and allowing them to devalue the currency as well as sacrificing huge amounts of cash to keep the work going,” President Trump wrote on Twitter, “so far consumers have not borne any burdens and there is no inflation. “He added.
President Trump abruptly decided on Thursday to impose a 10 percent tariff on imports from China worth 300 billion dollars, which shocked the financial markets after a month-long trade truce.
A study released by the National Bureau of Economic Research in March showed that the US consumer bears all the cost of the fees imposed in 2018.