Trump: Trade war pain likely

Import controls produce ‘only losers,’ economist says; China bets U.S. cries uncle first

WASHINGTON — Higher prices. Slower growth. Farmers losing access to their biggest foreign market.

Even President Donald Trump is warning that Americans might have to accept “a little pain” before they enjoy the fruits of his escalating trade fight with China.

On the pain part, if not necessarily on the “little” part, most economists agree with the president: The tariffs the United States and China are preparing to slap on each other’s goods

would take an economic toll.

For now, optimists are clinging to tentative signals from the Trump administration that it may be prepared

to negotiate with Beijing and avert a trade war.

“There are no winners in trade wars,” said Nathan Sheets, chief economist at PGIM Fixed Income. “There are only losers.”

On Thursday, Trump ordered the U.S. trade representative to consider imposing tariffs on up to $100 billion worth of Chinese products. Those duties would come on top of the $50 billion in products the U.S. has already targeted in a dispute over Beijing’s sharp-elbowed drive to supplant America’s technological supremacy.

China has proposed tariffs of $50 billion on U.S. products that will

CHINA

Las Vegas Convention and Visitors Authority spokeswoman Maria Phelan.

LIUNA represents construction workers and other laborers, and the pension fund overseen by Mancinelli has about $5.5 billion (American) in assets.

It’s the largest single shareholder in the Hard Rock, having put in more than $100 million, he said.

According to Mancinelli, it costs more than $1 million per unit to build a hotel in Las Vegas, so the 1,500-room Hard Rock seemed “like a pretty good deal.”

Still, he said, “What made the deal sexier was the branding of it. The Virgin brand is a pretty powerful brand.”

Virgin Hotels, Fengate, Cowie, Dream and Juniper’s managing partners did not respond to requests for comment Friday.

Bosworth also did not return a call and an email seeking comment, but a PR rep sent a statement from him that said: “I am not at liberty to disclose the property structure or discuss details surrounding the transaction.”

Jpmorgan Chase “wouldn’t be able to comment,” spokeswoman Maura Cordova said.

A Brookfield representative, Sherif El-azzazi, said he “can confirm the sale did occur,” but regarding the price and the buyers, “we have no comment to make at this time.”

Meanwhile, Canadians may have piled in to buy the hotel, but in case you’re wondering, there’s no word on whether the Hard Rock will get a Tim Hortons anytime soon.

Contact Eli Segall at esegall@ reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.