China’s Economy is Slipping says the White House

As the Trade war is heating up with China the White House asserted Friday that it has the upper hand in its economic fight with China, arguing that the country’s economy is “crumbling” due to the trade barrier the administration had erected against it.

The comments came in response to China’s latest move to escalate the trade fight between the two countries by promising to slap tariffs of between 5-25 percent on $60 billion worth of U.S goods.

White House Economic adviser Larry Kudlow said China’s announcement “was a much lower number than we had been looking at” and therefore not really a “tit-for-tat response,” given that the White House had proposed larger tariffs.

The 25 percent tariff on $200 billion worth of Chinese goods the administration announced earlier this week would be on top of 25 percent tariffs on another $34 billion in goods already enacted and 25 percent tariffs on steel and 10 percent on aluminum, both primarily directed at China.

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