The U.S. economy would be a big loser if Donald Trump wins the presidential election and imposes new tariffs on imports from China, according to Nobel laureate Joseph Stiglitz.
The end result would be a trade war, a correction in U.S. living standards and a net loss of American jobs, Stiglitz said Monday in an interview with Bloomberg News in Hong Kong. Stiglitz, 73, was chairman of the Council of Economic Advisers from 1995 to 1997, making him a member of cabinet when Bill Clinton was president.
On China’s economy, the Columbia University professor doesn’t expect a hard landing, though he’s concerned about the use of credit to fuel growth. And ahead of this week’s keenly anticipated Bank of Japan meeting, he isn’t expecting any fireworks.
Read more at Bloomberg.com