John Bolton Warns of Economic Consequences of Trump’s Tariffs
In a recent interview with CNN’s Anderson Cooper, former national security adviser John Bolton criticized President Donald Trump’s approach to trade tariffs, calling it a “form of economic illiteracy” that could ultimately benefit China.
Bolton expressed his concerns about Trump’s lack of understanding of how tariffs work, stating that the president views trade surpluses and deficits as akin to a profit and loss statement, which is not the case. He emphasized that Trump’s tariffs have put the United States in a vulnerable position and could potentially backfire.
According to Bolton, instead of addressing China’s longstanding intellectual property theft and other unfair trade practices by rallying allies and taking concerted action, Trump has chosen to impose tariffs on major trading partners, including China. This, Bolton argued, is a misguided strategy that could harm American interests in the long run.
“It simply makes no sense and it’s just sad and depressing that more Republicans haven’t stood up and said that this is illiteracy,” Bolton remarked, highlighting the lack of opposition within the president’s own party to his trade policies.
Trump’s tariffs, which went into effect on Wednesday and include a 104% levy on Chinese imports, have already drawn strong reactions from China. The country’s foreign ministry has vowed to take “resolute and forceful” measures in response.
As tensions escalate between the world’s two largest economies, Bolton’s warning serves as a reminder of the potential consequences of Trump’s trade policies and the need for a more strategic and coordinated approach to addressing trade imbalances and unfair practices.
