Serious negotiations between the USA and China to resolve their brewing trade dispute have "not really begun", and the Trump administration expects Beijing to take significant steps to open its markets, said a senior White House adviser.
Despite the Chinese retaliatory action, Kudlow said that the relationship between Trump and his Chinese counterpart, Xi Jinping, is "unusually good".
Trump announced the new tariff threat Thursday evening after China proposed $50 billion in USA goods in retaliation to the president's previous call for tariffs on Chinese imports. China has said it will respond proportionately, and has so far proposed duties on US$50 billion in United States goods., including aircraft and soybeans.
"[That] sure sounds like a trade war to me", Cavuto said.
Trump Is Skipping the White House Correspondents' Dinner Again
But the Commander-in-Chief, who even now continues to demonize the mainstream press as "fake news", announced he wouldn't attend. Reagan, of course, was recovering from an assassination attempt when he skipped the dinner that year.
Kudlow added: "China is the problem".
When asked by reporters on Friday about when he first heard of the White House's new tariffs, Kudlow confessed that it was "last evening"-the same time the White House made the announcement". The former CNBC senior contributor has repeatedly said the tariffs may not even go into effect and that they're an early part of a negotiation process between the two nations.
Kudlow said there may be more serious negotiations between the two superpowers in the "coming months", and that the U.S. wants China to stop violating USA intellectual property and open the Asian nation's markets.
"Blame China, don't blame President Trump. He's standing up for American companies and business", he said. "In light of China's unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs", Trump declared in a statement.