Americans to Face Some Price Increases Due to China Tariffs - White House Economic Adviser

WASHINGTON (Pakistan Point News / Sputnik - 02nd October, 2018) US consumers will face some higher prices because of the tariffs imposed on China, but ultimately Americans support what President Donald Trump is doing on trade, Council of Economic Advisers Chariman Kevin Hassett said in an interview on Tuesday.

"Sure there will be some price increases, but the bottom line is that Americans share the president's objectives," Hassett told Fox business news.

Hassett said he thinks consumers in China will face more of the "strains" due to US tariffs before the country agrees to come to the negotiating table with a real offer.

Eventually, China will come to the table with a real offer on trade because the Trump administration has proven that tariffs work when it comes to getting better deals, as shown by the United States-Mexico-Canada Agreement (USMCA), Hassett added.

During a press conference on the new USMCA on Monday, Trump said China wanted to resume trade talks with the United States, but that the time was not right for the discussions.

Trump said because China has been "ripping us off" for so many years, talks will not resume "that quickly."

The US and China have become increasingly embroiled in a trade conflict, with both sides imposing tariffs on the other's exports.

The Trump administration has imposed tariffs on around $250 billion worth of Chinese goods, and Beijing has slapped retaliatory tariffs on around $110 billion worth of US goods. Trump has also threatened to impose tariffs on another $267 billion worth of Chinese goods.

As part of China's response to the latest round of US tariffs on Chinese goods, Beijing canceled planned trade talks between the two countries scheduled to take place in Washington last week.