In a trade war with China, who will be the bigger loser?
Elizabeth Economy is a senior fellow at the Council on Foreign Relations and author of The Third Revolution: Xi Jinping and the New Chinese State.
“On the one hand, China’s economy is more exposed to the US economy because they export far more to us than we do to them. About 18% of their exports go to the United States and about 8% of our exports go to China. But there’s no winning in this trade war. The jobs lost, the profits lost and the stock market. There’s no winning in this trade war, and the shock to the US economy will be felt.”
She goes on to say the first round of tariffs hurts agriculture, energy and automotive companies, while the next round will hit clothes and toys and shoes, hitting the middle class pockets.
Economy was a guest on McIntyre in the Morning.
Sharon Reardon, KABC News