Both President Trump and the White House economic advisor, Larry Kudlow, took the opportunity to blast China’s trade practices on Monday morning.
A tweet from the president’s Twitter bluntly described the inadequacies:
“When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!”
Just last week, the president formally commented through the U.S. Trade Representative by publicizing a list on the Chinese imports to be targeted; particularly aimed at contrasting Chinese policies which encourage American corporations to outsource technological and intellectual means to companies abroad.
Kudlow took to television, telling CNBC’s “Squawk on the Street,” “This president’s got some backbone, others didn’t and he’s raising the issue in full, public view, setting up a process that may include tariffs. Hopefully, it will be mostly negotiations. I don’t know if we’ll have tariffs or not.”
Kudlow added, “[Trump] is responding to decades of misdeeds by China [on] trade. It’s high time we did that. Somebody’s got to do it. Somebody’s got to say to China, ‘You are no longer a Third World country. You are a First World country and you have to act like it.’ The president’s got to stick up for himself and the United States.”
Fortunate for the stock market, share trades rose across the board as a result of Kudlow’s appearance on “Fox News Sunday” where he sought out to “calm trade war fears,” but specifically highlighted that the president was “not bluffing” on trade tariffs.
Caleb Fernandez, writer at The Daily Lev.