'A lot of people are hoping that maybe the backchannels [between U.S. and Chinese negotiators] are being used right now,' Charles Payne said.
"It could, it could," Payne cautioned."I mean, we'll see. A lot of people are hoping that maybe the backchannels [between U.S. and Chinese negotiators] are being used right now," the financial expert added.to escalate his trade war with China, which has now gone on for more than a year, by adding 10 percent tariffs on $300 billion more of Chinese imports on the first of next month.
Chinese President Xi Jinping and President Donald Trump attend a bilateral meeting on the sidelines of the G20 Summit in Osaka, Japan on June 29"What's really different about this next round of President Trump's tariffs is that they mostly hit goods bought by American consumers," Chad Brown, a trade policy expert at the Peterson Institute for International Economics , said.
The president has repeatedly claimed inaccurately that the cost of the trade war is being paid by the Chinese. Despite what Trump says, tariffs are paid by U.S. importers when the products arrive in the country. Those costs are then often passed on to consumers or businesses that purchase the products.
The National Bureau of Economic Research published a report this spring, which examined data surrounding the impact of Trump's tariffs. That analysis found that the costs of the new import taxes were nearly
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