Donald Trump is "burning down the house" with his economic policy, according to the former chair of the United States Council of Economic Advisers.
Noted economist Jared Bernstein appeared on MSNBC on Wednesday, where he was asked about Trump's recent decision to impose "punishing" tariffs on China. Bernstein claimed that the "consequences have been real."
"We're kind of burning down the house here versus, you know, taking out the garbage," he said.
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Bernstein went on to say that a recent Trump claim about China was "the opposite" of reality, and explained how he says it actually works. He then said he doesn't think Trump's version of events will lead to a successful strategy.
"So it's the opposite of what the president said and that unfair trade should be addressed. We certainly tried to do so in the Biden administration. But I don't believe that what he's talking about now is going to work at all. When the Chinese say, we'll fight to the end. That's a quote from Beijing. I don't know what that means. I don't know what the end is. It sounds terrible," he said. "There was some suggestion of negotiations overnight, and I suspect we'll see more of that. But what a terrible way to go about this. This is some of the worst diplomacy I've ever seen, and absolutely the worst economics I've seen in international trade in a long career."
