.@larry_kudlow on market reaction to China’s tariff announcement: “Don’t overreact, we’ll see how this works out… At the end of this whole process, the end of the rainbow, there’s a pot of gold.” pic.twitter.com/Ufgfh1uq0C
— FOX Business (@FoxBusiness) April 5, 2018
Former CNBC contributor, Wall Street economist and Reagan administration budget official Larry Kudlow began his new role as President Donald Trump’s chief White House economic adviser this week, and he hit the ground running with a number of media appearances to explain the president’s economic and trade policies that have some investors feeling a bit nervous about a potential trade war with China.
In an interview Wednesday with Fox Business Network host Stuart Varney, Kudlow was quick to insist that there was not, nor would there be, a trade war with China due to the tariffs the president had announced, and the subsequent retaliatory tariffs on American goods by China.
Fears of a trade war had caused the stock market to plummet nearly 500 points at the opening bell on Wednesday — it later recovered those losses and closed up more than 200 points — but Kudlow seemed to quell those fears while simultaneously making clear that Trump was “completely right” to take the actions he had taken.
“So look, I understand the stock market’s anxiety. I get that,” Kudlow said. “But on the other hand, don’t over react. We’ll see how this works out. I think that at the end of this whole process, that at the end of the rainbow, there’s a pot of gold.” – READ MORE
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