WASHINGTON - U.S. President Donald Trump on Monday warned China not to retaliate against a hike in tariffs he imposed last week and said U.S. consumers would not pay for any increase in duties. In Asia, the Shanghai Composite index fell 1.2%. On Monday he said, "We're dealing with them". "China should not retaliate-will only get worse", he said on Twitter. "You had a great deal, nearly completed, & you backed out!"
Kudlow was considerably more measured on Fox News Sunday.
China had vowed "necessary countermeasures" on Friday against Trump's escalation.
FILE PHOTO - Traders work on the trading floor as the final day of trading for the year draws to a close with the Dow Jones Industrial Average setting a record high close for a trading year at the New York Stock Exchange (NYSE) in Manhattan, New York, U.S., December 29, 2017.
The move comes after President Donald Trump last week accused the Chinese of backtracking in trade negotiations and increased tariffs on $200 billion of Chinese goods, raising duties from 10% to 25% on Friday. A 20% penalty applies to 1,078 items, 10% to 974 items and 5% to 662 items.
The same however can not be said for developing nations caught in the crossfire of the trade war that Trump has instigated between the world's largest and second-largest economies.
Trump later tweeted that "there will be nobody left in China to do business with".
In a research note, Goldman Sachs economists said new evidence showed the costs of Washington's tariffs on China a year ago had fallen entirely on US businesses and households, with no clear reduction in prices charged by Chinese exporters.
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The increases already in place have disrupted trade in goods from soybeans to medical equipment and sent shockwaves through other Asian economies that supply Chinese factories. Growth in the world's second-largest economy held steady at 6.4 per cent over a year earlier in the latest quarter, supported by higher government spending and bank lending.
The tensions "raise fresh doubts about this recovery path", said Morgan Stanley economists Robin Xing, Jenny Zheng and Zhipeng Cai in a report. That would pull annual growth below 6%, raising the risk of politically risky job losses.
The latest round of US-Chinese trade negotiations ended in Washington on Friday without a deal.
The White House and U.S. Trade Representative's office did not immediately respond to requests for comment. But he said there were no "definite plans".
The move was announced in a statement by the Tariff Policy Commission of China's cabinet, the State Council. 'Once the tariffs go onto cellphones, I mean then you're going to see people scream, ' " she says.
The UBS analysts said the next escalation could come in as little as one month as USA regulators prepare to follow through on Trump's threat to extend penalty tariffs to all Chinese goods. "It is no big deal". The U.S. and other trading partners say such efforts violate Beijing's free-trade commitments.
"Further trade talks can not remedy the sharply increased uncertainty over Chinese and regional growth", Mizuho Bank said in a report.
Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States.