New York CNN —
Larry Summers is fed up with the tariff defense made by his successor, Treasury Secretary Scott Bessent.
Summers, who served as treasury secretary under President Bill Clinton, blasted Bessent’s claim that Chinese producers will bear the brunt of new US tariffs on imports from China.
“This position is contradicted by every introductory economic textbook and course of which I am aware,” Summers wrote in a post on X on Sunday. “What is the argument or authority for a claim that seems ludicrous?”
For example, Summers said the “Bessent theory”
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