Trump Economic Director Kudlow on China – “You’ve Gotta Protect Our Technology Family Jewels…President Trump is Doing Just That” (Video)
Larry Kudlow was on Sunday Morning Futures with Maria Bartiromo this past Sunday and he shared what President Trump is doing that prior Presidents only talked about.
Larry Kudlow this past weekend touted the explosive Trump economy on Sunday Morning Futures with Maria Bartiromo. The stock markets are up. Unemployment is down. Americans are making more money.
Then Kudlow mentioned one of the most courageous and stategic moves made by President Trump – to address the trade and information theft issues. Kudlow said –
Well look, this whole story on trade is coming together nicely. The President’s strategy appears to be working. we’ve seen this with USMCA [the new US, Mexico and Canada trade agreement]. Now, we’re holding trade negotiations with Europe. We’re holding trade negotiations with Japan. We issued a tri-part letter, the three companies basically saying non-market economies, read China on that, have got to shape up. China is probably the biggest culprit as you know. So look the key issues here [are] high tariffs, high non-tariff barriers, technology theft, intellectual property theft.
There’s a story in the paper yesterday, in the Wall Street Journal, “China expands its cyber security rule book, heightening foreign corporate concern”. This is brand new. They’re putting in new rules that will permit Chinese officials to inspect US companies and all foreign companies information tech and access proprietary information.
This is exactly a step in the wrong direction. This is forced technology transfer. This is IP theft. This is exactly what we’ve been warning about. We’ve tried to communicate these concerns to China. So far we’ve not had luck. Look, we’ll talk to them. Serious and significant talks any time but it looks to me like they’re moving in the wrong direction. Right now, I think this is most unfortunate.
You know, you talk about national security issues, I can talk about economic security issues. Why should we allow the Chinese to own American companies in China and moreover force us to lay out all of our technology blue prints in the name of cyber security, which by the way, they way they cyber hack us constantly. Why should we give them new advantages in the race for technology. That’s a big problem going forward.
Kudlow continued –
… President Trump is very strong on this issue. A lot of people blaming POTUS for imposing tariffs as part of his trade strategy. He is first and foremost a trade reformer. I think you know that. We have given China our asks any number of times regarding the technology issues, and the IP and the tariffs and the trade imbalances and so forth. I think you know that too.
My advice is don’t blame Trump. Help us, don’t hurt us, help us because there’s got to parity. There’s gotta be a level playing field. There’s got to reciprocity. China regrettably is not playing by the rules, and has not played by those rules for many years. Prior US Presidents have given lip service. President Trump is giving the toughest rebuttal and actions against them.
You gotta protect the US economy Maria. You gotta protect our technology family jewels, our inventiveness, our innovation. You’ve got to protect our workforce and our new businesses. That’s the strength of America’s free market economy. The President is doing just that!