Billionaire casino magnate Sheldon Adelson warned President Trump that his escalation of trade tensions with China would negatively impact the United States’ economy, The Wall Street Journal reports. Adelson, a Trump supporter and major donor to the Republican Party, reportedly called the president to tell him that the trade war would also hamper his reelection prospects, according to people familiar with the call. Representatives for Adelson also reportedly spoke with Trump’s re-election campaign. Adelson’s casino company, Las Vegas Sands Corp., derives most of its income from operations located in the Chinese territory of Macau. The company brought in nearly $9 billion from Macau in 2018, about 63 percent of total revenue. Trump has said the tariffs are hurting China more than the U.S., and are necessary to pressure the country to create a level playing field.
Read it at Wall Street Journal
