Larry Kudlow, director of the U.S. National Economic Council, speaks during a White House briefing in Washington, D.C., U.S., on Monday, Jan. 28, 2019.
Al Drago | Bloomberg | Getty Images
White House Economic Advisor Larry Kudlow said in a Fox News interview on Sunday that he expects China to retaliate against the U.S. after President Donald Trump significantly increased tariffs on Chinese goods.
Trade talks between U.S. and Chinese negotiators broke up on Friday without a trade agreement. The talks took place under the shadow of Trump's decision to more than double the tariff rate to 25% on $200 billion of Chinese goods.
Trump called Friday's negotiations "constructive" and said talks will continue while U.S. tariffs remain in place, though they could be lifted depending on how the situation progresses.
Kudlow, however, said there are "no concrete, definite plans" yet for continued trade talks.
Beijing threatened to take "countermeasures" against the U.S. last week, but so far it has not done so.
"The escalation of trade friction is not in the interests of the people of the two countries and the people of the world," China's Commerce Ministry said last Wednesday before the talks. "The Chinese side deeply regrets that if the US tariff measures are implemented, China will have to take necessary countermeasures."
The White House economic advisor said China had backtracked on its commitments, which precipitated Trump's decision to increase tariffs.
"Things seemed to be taking too long, and we can't accept any backtracking," Kudlow said. "We don't think the Chinese have come far enough, we will wait and see."
On Saturday, Trump warned China to "act now" on trade or risk facing a 'far worse' deal during a possible second term after the 2020 presidential election.
via IFTTT
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