Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned the U.S. of consequences if it does not end its 'wrong actions.'
White House economic adviser Larry Kudlow said on Sunday that he doesn't believe China will retaliate against additional tariffs on Chinese imports that President Donald Trump announced Friday.
China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned the U.S. of consequences if it does not end its "wrong actions." Trump said the U.S. will raise existing tariffs on $250 billion of Chinese goods to 30% from 25% on Oct. 1. He is also raising tariffs on the remaining $300 billion of Chinese imports to 15% from 10%. Those tariffs will go into effect in two phases on Sept. 1 and Dec. 15.
"Such unilateral and bullying trade protectionism and maximum pressure violates the consensus reached by head of China and United States, violates the principle of mutual respect and mutual benefit, and seriously damages the multilateral trade system and the normal international trade order," China's commerce ministry said.
Kudlow said that the president does have the authority to block private businesses from investing in China, but that "he is not intending to right now. That is not his intention."
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