“President Trump has not been deterred and we saw that with this announcement of the last set of tariffs that’s going to go on $300 billion worth of goods … the markets didn’t like it but nonetheless, this is something that had to be done,” Chang said during Thursday’s “Hemmer Time” podcast.
“I think you can say the U.S. is winning because the Chinese are now doing things which smell desperate,” he added before noting how China depreciated its currency. By devaluing their currency, Chang argued, the Chinese made their products cheaper for U.S. consumers.
“So, effectively they’re bearing President Trump’s additional tariffs. So, when Trump says the American consumer is not going to pay, he’s correct on that,” Chang said.
Through Trump’s tariffs, China has started losing its status as the world’s factory floor as currency depreciation has forced companies to take their factories out of the communist nation, Chang said. – READ MORE