Kudlow: Tariffs Worth the Risk to ‘Correct 20 Years-Plus of Unfair Trading Practices with China’
On this weekend’s broadcast of “Fox News Sunday,” Trump economic advisor Larry Kudlow argued that the tariffs the United States is set to levy on China were worth the risk, especially given the past two decades of what he called “unfair trading practices.”
Partial transcript as follows:
CHRIS WALLACE: What yard line are we on now and what set us back?
LARRY KUDLOW: Well, we may still be on the five or the seven, but as I said in that clip, that’s the — those are the toughest yards to get. So, look, the situation for us, from our standpoint, we were moving well, constructive talks and I still think that’s the case, we are going to continue the talks as the president suggested in his tweet on Friday.
But the problem is two weeks ago in China, there was backtracking by the Chinese, and we covered the same ground with Liu He this past week, Ambassador Lighthizer and Secretary Steven Mnuchin. We can’t forget this, this is a huge deal, broadest scope and scale of anything the two countries have ever had before, but we have to get through a lot of issues.
For many years, China trade, it was unfair, nonreciprocal, unbalanced, in many cases, unlawful. And so, we have to correct those and one of the sticking points right now as we would like to see these corrections in an agreement which is codified by law in China, not just the state council announcement. We need to see something much clearer. And until we do, we have to keep our tariffs on, that’s part of the enforcement process as far as we are concerned.
And as the president said, things seem to be taking too long and we can’t accept any backtracking. We are representing the United States, the economy, farmers, autoworkers, manufacturers, these are crucial parts of this discussion. So we want to be as sure as we can be.
We don’t think the Chinese have come far enough. We will wait and see. The talks will continue. And I will say this, the G20 meeting in Japan toward the end of June next month, the chances that President Trump and President Xi will get together at that meeting are probably pretty good.
WALLACE: So, you pointed out the president’s tweet on Friday where he seemed pretty conciliatory. In fact, the stock market, which I dropped dramatically on Friday with news that the talks, the negotiations had ended without any deal, rose on the kind of conciliatory, optimistic tone from the president and from Treasury Secretary Mnuchin.
The president was much more combative in a tweet yesterday, late yesterday. I want to put this up on the screen. I think that China felt that they were being beaten so badly in the recent negotiations that they may as well wait around for the next election, 2020, to see if they could get lucky and have a Democrat win. The deal will become far worse for them if it has to be negotiated in my second term.
That’s a lot tougher than the president was talking on Friday. How come?
https://www.breitbart.com/clips/2019/05/12/kudlow-tariffs-worth-the-risk-to-correct-20-years-plus-of-unfair-trading-practices-with-china/