Larry Kudlow: 'Both sides will suffer' from U.S.-China tariffs

Larry Kudlow: 'Both sides will suffer' from U.S.-China tariffs

"Maybe the toughest burden's on the farmers, the agriculture sector", Kudlow said.

The president doubled down on his argument on Sunday, tweeting that the USA would be "taking in Tens of Billions of Dollars in Tariffs from China", while advising American consumers who have been concerned by the lack of imported goods to buy them somewhere else or take matters into their own hands and produce them in the US.

"China will never surrender to external pressure", foreign ministry spokesman Geng Shuang said at a regular briefing on Monday.

China's revised target list on Monday still left out products such as crude oil and large aircraft.

The Fox host then pointed to a study estimating that Trump's proposed tariffs would kill over 2 million jobs in the US and cost American families over $2,200 a year. "China hopes the US will get back to the right track of bilateral trade and economic consultations and meet with China halfway".

"But Larry, that isn't true", Wallace told Kudlow after playing the clip.

"Paid for mostly by China, by the way, not by us".

The latest round of trade negotiations ended on Friday without a deal, with US President Donald Trump increasing tariffs on $200 billion worth of Chinese goods to 25 per cent and ordering the start of a process to impose new duties on another $300 billion.

"Fair enough", Kudlow responded, adding after the anchor's interjection - "if it's a tariff on goods coming into the country, the Chinese aren't paying" - that "In fact, both sides will pay".

"The Chinese will suffer [gross domestic product] losses and so forth with respect to a diminishing export market and goods that they may need", Kudlow stressed.

"It will take some time", Kudlow said.

The US' top negotiators in trade talks with China - Treasury Secretary Steve Mnuchin and US Trade Representative Robert Lighthizer - met with China's Vice Premier Liu He on Friday, but the talks did little to bring the two sides closer. "You had a great deal, nearly completed, & you backed out!"