A day after the meeting with Xi, Trump claimed on Sunday, in South Korea, that the US is “winning big because we have created an economy that is second to none”. And, “we’re collecting 25 percent on $250 billion, and China is paying for it, as you know, because, as you notice, our inflation hasn’t gone up.”
Trump further claimed that “China has devalued their currency in order to pay for the tariffs… And in addition to devaluing, they’ve also pumped a lot of money into their economic model… They’ve been pumping money in. We haven’t. We’ve been retracting. We’ve been raising interest rates and they’ve been lowering interest rates.”
Separately, the loosening up of Huawei ban triggered some criticism from Trump’s Republican party. South Carolina Republican Senator Lindsay Graham warned “there will be a lot of pushback if it is a major concession.”
But National Economic Council chairman Larry Kudlow tried to tone it down on Fox News Sunday. He said “all that is going to happen is Commerce will grant some additional licenses where there is a general availability” of the parts the company needs. And, companies “are selling products that are widely available from other countries … This not a general amnesty … The national security concerns will remain paramount.”
