Peter Schiff blasts US-China trade deal — says the Asian nation won by calling Trump’s ‘bluff’ on 145% tariffs.
While the White House is trumpeting the “Art of the Deal,” some may say the recent U.S.-China trade deal is a chapter out of “The Subtle Art of Getting Steamrolled.”
“How is this trade deal a win for Trump?” he asked. “China has agreed to nothing. The 145% tariffs we imposed have been reduced to 30%. The 125% tariffs they imposed in response have been reduced to 10%. If 145% tariffs were just a bargaining chip, China already called Trump's bluff and won.”
He continued in response to comments, “So what have we won by agreeing to pause the war we started? We did not win a single battle in this war.”
Other economists echoed this view. "'Big beautiful tariffs' were intended to encourage reshoring and generate trillions in tax revenue to fund tax cuts," James Knightley, chief international economist.
While the White House is trumpeting the “Art of the Deal,” some may say the recent U.S.-China trade deal is a chapter out of “The Subtle Art of Getting Steamrolled.”
“How is this trade deal a win for Trump?” he asked. “China has agreed to nothing. The 145% tariffs we imposed have been reduced to 30%. The 125% tariffs they imposed in response have been reduced to 10%. If 145% tariffs were just a bargaining chip, China already called Trump's bluff and won.”
He continued in response to comments, “So what have we won by agreeing to pause the war we started? We did not win a single battle in this war.”
Other economists echoed this view. "'Big beautiful tariffs' were intended to encourage reshoring and generate trillions in tax revenue to fund tax cuts," James Knightley, chief international economist.
3 hours ago
