The main economic burden of the trade war will fall on China rather than the United States. This was stated on Thursday by the head of the National Economic Council of the White House Lawrence Kudlow, speaking at a forum organized in Washington by the Peterson Institute of World Economy.
“If the Chinese had provided us with an equal playing field and had not violated the rules of the [WTO], everything would have been fine,” said the head of the National Economic Council of the White House, speaking of the state of the American economy. “Whatever decision he [U.S. President Donald Trump] makes [following his meeting with Chinese President Xi Jinping at the G20 summit on June 28-29 in Osaka, Japan], the impact on the U.S. consumer market will be very small. And the overall economic burden will hurt China more than us,” Kudlow explained.
He recalled that, from Trump’s point of view, the current state of bilateral trade with China is “damaging to the United States. “From this point of view, measures to protect the U.S. economy, farmers, ranchers, carmakers and industrialists are fully justified,” Kudlow said, noting that those who wish to do so may disagree with this position as much as they like.