China is paying the tariffs, not the American public: White House trade adviser Peter Navarro
White House trade adviser Peter Navarro said on Friday that China is bearing the burden of President Trump’s tariffs through lower rate of growth, higher unemployment and less tax revenue.
“China producers pay for these tariffs in the language of economics, they bear the burden of the tariffs through lower prices, lower exports, lower profits,” he said during an interview on FOX Business’ “Making Money with Charles Payne.”
Trump has threatened to slap new 25 percent tariffs on an additional $300 billion worth of Chinese goods.
Navarro said Beijing has been busy devaluing their currency to offset the tariffs, which dramatically reduces the value of foreign reserves. The theft of intellectual property and trade secrets remains the central reason the Trump administration has taken an aggressive stance against the trade imbalance with China.
“China steals our intellectual property. They hack our computers and take our trade secrets. They force technology transfer. They dump into our markets. They have these mercantilist state-owned enterprises roaming the globe at the tip of their spear,” Navarro said. “Worst of all, now, Charles, they're flooding this country with opioids, particularly fentanyl, killing tens of thousands of Americans. That is what we're fighting for. That is why these tariffs are important.”
Trump announced plans to meet with Chinese President Xi Jinping on the sidelines of the G20 summit next week in Osaka, Japan. The two world leaders spoke by phone on Tuesday about the summit and agreed to discuss the trade war.
“Look, we either get a great deal or we don't,” Navarro said.