White House Insists China 'Will Be Absorbing' Tariff Costs Despite Treasury Secretary Admitting Burden 'May Get Passed to Consumers'
White House Press Secretary Karoline Leavitt insisted on Monday that China "will be absorbing" the cost of tariffs on its exports despite U.S. Treasury Secretary Scott Bessent previously admitting the burden "may get passed to consumers."
Over the weekend, President Donald Trump wrote in a Truth Social post that "Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain" after the company's CEO revealed during an earnings call days prior that, "given the magnitude of the tariffs," the company will be raising prices.
"Between Walmart and China they should, as is said, 'EAT THE TARIFFS,' and not charge valued customers ANYTHING," Trump continued. "I'll be watching, and so will your customers!!!" he added. World Bank President David Malpass attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. Reuters
When asked whether the president's remarks signaled an acknowledgment that Americans would bear the cost of tariffs not absorbed by companies, Leavitt firmly rejected the idea.
"First of all, the CEO of Walmart made those comments about the tariffs on an earnings call where CEOs, I believe, are legally obligated to give the most dire warnings and forecasts to their investors and stakeholders," Leavitt stated during Monday's press briefing.
"The reality is, as the president has always maintained, Chinese producers will be absorbing the costs of these tariffs and that is why China was so quick to hustle to the negotiating table with the United States of America," she continued. "They need our markets. They need our consumers," Leavitt added in a clip shared by journalist Aaron Rupar on X.
Originally published on Latin Times
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