Heritage Foundation fellow Stephen Moore says President Donald Trump’s tariffs are “really putting the hurt to the Chinese economy.”
China on Sunday halted tariffs that were planned on some U.S. imports to the nation following the agreement of the “phase one” trade deal between Beijing and Washington.
Moore, who advises Trump on economic policy and visited the president for policy discussions this week, said the trade deals look “positive,” but warned that “you can’t trust the Chinese government.”
“We’ve seen it before where they do the head fake, and at the last minute they pull back their hand from the handshake,” Moore told host John Catsimatidis during an appearance on “The Cats Roundtable” on 970 AM-N.Y.
“I hope it gets done, but I wouldn’t stake my life on it.”
Trump on Thursday approved a proposed U.S.-China trade deal, signing off on a swap of U.S. tariff reductions in return for China spending $50 billion on U.S. farm goods, opening its financial services market and tightening its intellectual property protections.
Moore said the trade war’s impact on China’s economy is taking a toll.
“They’re not doing well,” he said. “This is an untold story that the American media is not picking up on. The Trump tariffs have really hurt China. You see factories and jobs moving out of China. Moving to Vietnam. They’re moving to India. They’re moving to Singapore and other countries in Asia to get around those tariffs. It’s really putting the hurt to the Chinese economy. They may have their first genuine recession in 30 years. They need this trade deal. They really do.”
© 2022 Newsmax. All rights reserved.