The Trump administration’s China tariffs have not raised consumer prices, acting White House chief of staff Mick Mulvaney said Tuesday.
Speaking at the Peterson Institute’s Fiscal Summit, Mulvaney said that although U.S. importers write the checks for taxes on goods coming from China, those costs have not been passed on to consumers.
“The charge has always been that this is a tax on the American consumer, that individual consumers are paying this tax,” Mulvaney said. “Prices have not gone up. There is no inflation. The proof is in the pudding.”
Mulvaney was interviewed by Eamon Javers of CNBC.
Mulvaney’s opinion is supported by data released Tuesday on producer prices for the month of May, the prices businesses receive for goods they make or services provided. These showed very low price increases and none that indicate consumer prices rising because of tariffs.