(NewsNation) — The United States and China are both suffering economic harm as a trade war continues between the two superpowers, a former economist for the Biden administration says.
President Trump this week suggested talks are happening with China after the two nations imposed triple-digit tariffs on each other, but Chinese officials denied it.
Philip Luck, a former State Department deputy chief economist, is at a loss to explain the discrepancy or to speculate on behind-the-scenes maneuvering. But one thing is clear, he told “NewsNation Now” on Thursday.
Investors on edge amid China’s tariff talk denial
“This is incredibly costly for both of us. Both economies are doing much worse” than they would be otherwise, said Luck, director of the economics program at the Center for Strategic and International Studies.
Complicating matters for the U.S., Luck added, is that the Trump administration is attempting to negotiate trade agreements with nearly 100 countries as it grapples with China.
“Trade wars are easy to start. They’re hard to end,” he said.
