'Look at this chart from the Trump Labor Department,' Chris Wallace said. 'The yellow line shows that the consumer price of tariffed goods has risen dramatically since the president started imposing
The Fox News anchor then pushed back, playing a clip of Federal Reserve Chairman Jerome Powell outlining the negative impact of the trade war with China on the U.S. economy. Wallace also read a quote from a May Goldman Sachs report that stated:"The cost of U.S. tariffs have fallen entirely on U.S. businesses and households, with no clear reduction in the prices charged by Chinese exporters.
"Look at this chart from the Trump Labor Department," the anchor said."The yellow line shows that the consumer price of tariffed goods has risen dramatically since the president started imposing them." Wallace pointed out to Navarro that the Trump administration's own reporting showed that"on a macro and a micro level that tariffs cause consumer prices to rise."
Despite the impact on American businesses and consumers, Trump threatened to add further tariffs to Chinese goods last Thursday., the new 10 percent tariffs on $300 billion more of Chinese imports would raise costs of things like clothing, shoes, toys, and many consumer-electronics, which had previously been spared by the president's trade war.
President Donald Trump and China's President Xi Jinping attend a bilateral meeting on the sidelines of the G20 Summit in Osaka, Japan on June 29Gary Cohn, who previously served in Kudlow's current role under Trump, has regularly stated his disagreement with the administration's trade policy.
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