Lawrence Summers warns Trump's trade policies may strengthen China's position
Lawrence Summers, former U.S. Treasury Secretary, stated that Donald Trump's trade policies will benefit Chinese President Xi Jinping. He criticized claims that Canada is responsible for the trade war, calling them "absurd" and emphasizing Canada's importance to the U.S. economy. Summers warned that the tariffs on Canada and China, effective Monday, will harm American consumers and producers. He noted that these policies could drive U.S. allies closer to China, undermining American influence globally. Mexico secured a one-month delay on tariffs in exchange for deploying troops to the border. Summers expressed concern that the financial impact of these tariffs will soon be felt by Americans.