- Analytics
- News and Tools
- Market News
- Trump is ‘dead wrong’ in claiming the trade war hasn’t damaged the US economy - Moody’s Analytics chief economist
Trump is ‘dead wrong’ in claiming the trade war hasn’t damaged the US economy - Moody’s Analytics chief economist
U.S. President Trump recently claimed Washington’s trade war with China has had little impact on the American economy so far. A widely followed economist said that the president is “dead wrong.”
Trump said in a Wednesday Twitter post that the U.S. is “winning, big, time against China,” adding that “prices to us have not gone up, and in some cases, have come down.”
However, according to Mark Zandi, chief economist at Moody’s Analytics and a frequent critic of the Republican president, the “economic costs are mounting” in the U.S. “To argue that this isn’t doing economic damage is just wrong,” Zandi told.
If Trump were to follow through on his outstanding tariff threats, Zandi said, it would incur a cost of $100 billion for American businesses and consumers in the coming year. “That’s half a percent of (gross domestic product), that’s about half the tax cut that Americans got last year,” the economist said. “That’s very significant.”
At some point, Zandi said, Trump is likely to realize that the hard-line stance on China in the trade war “isn’t working” and so the president will desire a “face-saving way” out of the situation. “The question is, will (Chinese) President Xi (Jinping) give him the way out? ” Zandi asked.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
