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Larry Kudlow On China Tariffs: A Risk We Should Take To Correct 20 Years Of Unfair Trade

The Trump administration this week increased tariffs on $200 billion in Chinese goods after the latest round of trade talks between the U.S. and China failed to produce an agreement, raising the amount from 10 percent to 25 percent. President Trump's top White House economic advisor Larry Kudlow joins "FOX News Sunday" host Chris Wallace to discuss. 


"KUDLOW: 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." 


"WALLACE: Let's talk about who pays, who pays for the higher tariffs on Chinese imports. Here's what President Trump had to say this week. 


DONALD TRUMP, PRESIDENT OF THE UNITED STATES: Our country can take and $120 billion a year in tariffs, paid for mostly by China, by the way, not by us. A lot of people try to steer it in a different direction. It’s really paid -- ultimately, it’s paid for by -- largely by China. 


WALLACE: But, Larry, that isn't true. It's not China that pays tariffs. It's the American importers, the American companies that pay what in effect is a tax increase and oftentimes passes it on to U.S. consumers. 

KUDLOW: Fair enough. In fact, both sides will pay. Both sides will pay in these things. And, of course --

WALLACE: But the tariff on goods coming into the country, the Chinese aren't paying. 

KUDLOW: No, but the Chinese will suffer GDP losses and so forth with respect to a diminishing export market and goods that they may need for their own --" 

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President Trump's top White House economic advisor Larry Kudlow joins "FOX News Sunday" host Chris Wallace - Courtesy Fox News

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