Kudlow 'Quite Patient' With Tariffs, Acknowledges They 'May Be Painful in Some Cases'
Past administrations of "both parties" gave "some lip service" to curbing China's unfair trade practices "but never followed through," National Economic Council Director Larry Kudlow said during a Q&A at the Economic Club of Washington Thursday. President Donald Trump "is…
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following through" with the three rounds of Trade Act Section 301 tariffs he imposed over the summer, Kudlow said. He acknowledged he's "more of a doctrinaire free trader" than his boss, and that he opposed the administration's Section 232 tariffs on steel imports before joining the White House from CNBC. But there's "a lot of unfair trading practices" worldwide, and "the biggest culprit is China, and that can't be left alone," said Kudlow. "China has played fast and loose with the rules," he said. "The World Trade Organization needs reforms to enforce those rules. China's taken advantage. They're not a third-world country anymore. Why should we have to suffer?" Trump wants "a level playing field" with China, said Kudlow. "He wants reciprocity. Ultimately, he wants zero tariffs, zero non-tariff barriers, zero subsidies." Kudlow acknowledged tariffs "may be painful in some cases," but Trump is "a disrupter." Kudlow is "quite patient" with the policy, and confident a deal with China "can be negotiated" as a result, he said. It has been only "four or five months" since Trump first imposed tariffs, Kudlow said: "Let him do his work."