Former White House economist: U.S. ‘shooting ourselves in the foot’ in trade war



Aarthi Swaminathan | Yahoo News

A former White House official believes that President Donald Trump’s art of the deal is akin to “shooting ourselves in the foot” when it comes to the U.S. economy.

As the U.S.-China trade negotiations drag on without a firm end date, “the Trump administration’s gotten themselves into a bit of a fix where the options don’t look terribly good,” Chicago Council on Global Affairs senior fellow Phil Levy told Yahoo Finance’s On The Move. “This all has to do with their desire to keep their options open to strike at the Chinese whenever they want, or whenever they think the Chinese have done something wrong.”

Levy, who was formerly a senior economist for trade on former President George W. Bush’s Council of Economic Advisers, said that the administration’s strategy in trying to solve the various issues America has with China — which range bilateral trade deficits to unfair trade practices — had already been talked about by “at least two administrations.”

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