White House advisers get the forest floor rakes out after a bad stock market week and amid unrest in China.
White House trade adviser Peter Navarro said on CNN's "State of the Union" Sunday that tariffs on Chinese goods are not hurting consumers in the United States, despite reports to the contrary from researchers at Harvard, the University of Chicago, the International Monetary Fund, the Federal Reserve of Boston and more.
The big picture: Navarro and White House economic adviser Larry Kudlow took to the Sunday morning talk shows in an effort to ward off public fears of an upcoming recession. The stock market saw a huge sell-off last week after the bond market flashed a warning sign that's predated every recession for the past 50 years.
TAPPER: "You and the administration keep saying the entire burden of these tariffs and this trade war is being bore by China. A study from researchers at Harvard, the University of Chicago, the IMF and the Federal Reserve of Boston in May found that U.S. importers are shouldering about 95% of the price change from tariffs, and China is shouldering only 5%. Are you saying their research is wrong?"
NAVARRO: "You put on 10% tariffs on $200 billion. And China devalues its currency by 12%. Are consumers bearing anything on that? No. We have seen absolutely no evidence in the price data. It's not showing up in the consumer price index."
TAPPER: "If these tariffs aren't hurting anyone in the United States --"
NAVARRO: "They're not hurting anybody here."
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