Larry Kudlow on Free Trade



Trump's strategy on China tariffs is working

On China, the tariffs have hurt them enormously. Business investment is falling, retail sales--China is in some economic trouble. President Trump is using tariffs in order to put more pressure on the Chinese economy. I think his strategy is, in fact, working.
Source: Fox News Sunday interview for 2019 Trump Cabinet , Aug 18, 2019

Farmers are patriots, assisting during trade war with China

Our farmers have been terrific, they're patriots, they support the President's dealings with China. China's problems, IP theft, forced transfers of technology, problems with getting into cloud services, problems with tariffs, problems with non-tariff barriers, all these things are going to have to be addressed. With respect to the farmers, we are providing short-term assistance to keep them going and try to fill the void until we can get better international markets.
Source: CBS Face the Nation 2019 interview , Jun 30, 2019

Patriotic farmers support Trump's trade war with China

Q: The China market for soybean farmers won't recover until 2026 or 2027. So how much damage can America stomach?

KUDLOW: With respect to the farmers, we are doing the best we can. We are providing short-term assistance to keep them going and try to fill the void until we can get better international markets. The farmers themselves, the farm groups, they've been great patriots and we celebrate their support to make America's overall economy very, very strong.

Source: CBS Face the Nation 2019 interview series , Jun 30, 2019

With tariffs, US consumers suffer but China suffers more

White House economic adviser Larry Kudlow acknowledged that the Chinese do not directly pay tariffs on goods coming into the US, contradicting Pres. Trump's claims that China will pay for tariffs imposed by the US. Kudlow said that "both sides will suffer on this," but argued that China will suffer significant GDP losses as export markets are hit. The blow to US GDP won't be substantial since the economy is "in terrific shape," he said.

Fox News pressed Kudlow about Trump's claims. "It's not China that pays tariffs," the Fox host said. "It's the American importers that pay what, in effect, is a tax increase and oftentimes pass it on to US consumers."

"Fair enough," Kudlow replied. "In fact, both sides will pay. Both sides will pay in these things." Kudlow added, however, that China doesn't actually pay the tariffs, but that their GDP will suffer "with respect to a diminishing export market. This is a risk we should and can take without damaging our economy in any appreciable way."

Source: CNBC's coverage of Trump Promises, "China Tariffs" , May 12, 2019

Ex-Im is the perfect example of corporate welfare

Stop corporate welfare and crony capitalism. Why in the world would Congress want to reauthorize the Export-Import Bank? Known as "Bank of Boeing," Ex-Im is the perfect example of corporate welfare, crony capitalism, fraud, and corruption. Get rid of it. It's a government-sponsored menace that actually damages American business competitiveness and reduces jobs at home.

Voting against Ex-Im should be a no-brainier. For those who may not be following this story, Ex-Im is a government-run bank that finances foreign competition with the use of loans and loan guarantees to buy American goods.

For example, in fiscal year 2013, Ex-Im backed a $117.5 million loan guarantee to support Boeing 737 purchases by Dubai. Dubai is a wealthy country. This is a state-run airline. Why does the US have to subsidize it? And with our economy growing at a snail's pace, why should taxpayers subsidize Boeing? I don't want to knock Boeing. It's a great company. But it does not need corporate welfare.

Source: National Review, "Just say no to Ex-Im", by Lawrence Kudlow , Jun 27, 2014

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Page last updated: Aug 31, 2021