Republican Sen. John Kennedy of Louisiana has publicly expressed skepticism regarding China’s reported economic growth figures, alleging that the nation is manipulating its data. Speaking to Fox Business host Larry Kudlow on Tuesday, Kennedy asserted that China’s economy is “weak as rainwater,” and likely growing at a significantly lower rate than officially stated.
“I’ll bet you a soda and a nice hat [that] China’s economy is not growing at more than 2%,” Kennedy told Kudlow. “They say 5%, but they lie like they breathe. But we’re going to have to wait them out. It’ll be painful for us, but it’s going to be even more painful for them, and I’ll say it again. Their economy is weak as rainwater. Our economy is in a much better shape than theirs is.”
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Kennedy’s remarks come amidst heightened tensions between the United States and China regarding trade. Treasury Secretary Scott Bessent confirmed to the House Appropriations Committee’s Subcommittee on Financial Services and General Government that the Trump administration has not engaged in trade talks with China, nor negotiated an end to increased tariffs.
However, in a significant development, Treasury Secretary Scott Bessent and U.S. trade representative Jamieson Greer will meet with their Chinese counterparts in Switzerland this weekend to discuss economic and trade matters, their offices announced Tuesday.
“We have shared interests,” Bessent said later on Fox News’ “Ingraham Angle.” The current tariff war “isn’t sustainable,” said Bessent, “especially on the Chinese side. And, you know, 145 percent [tariffs], 125 percent, is the equivalent of an embargo. We don’t want to decouple; what we want is fair trade.”
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Bessent and Greer will meet with their Chinese counterparts on both Saturday and Sunday, the Treasury secretary said. The meetings appear to be a major step toward Washington and Beijing beginning negotiations to potentially resolve the ongoing trade war ignited by President Donald Trump.
“My sense is that this will be about de-escalation, not about the big trade deal,” Bessent told host Laura Ingraham. “But we’ve got to de-escalate, before we can move forward.”
Trump ratcheted up tariffs last month on Chinese imports to 145% even as he scaled back so-called reciprocal tariffs on almost all other U.S. trading partners. China, which is one of America’s largest trading partners, retaliated with steep tariffs on U.S. goods.
President Donald Trump recently announced a 90-day pause on reciprocal tariffs, while also implementing substantial increases on tariffs on Chinese exports to the U.S. Additionally, an executive order ended the “de minimis” exception for packages shipped directly from China, imposing tariffs of $25 or 30%.
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Kennedy emphasized the need for caution when dealing with China, stating, “Trusting China to do anything other than what is in their best interest is naive and inconsistent with history and common sense. The Chinese government cheats. They do. They can steal socks without taking your shoes off. But they need America. They buy from us, or they sell us about four to five times more than we sell them. That’s why, ultimately, we will win in a trade war.”
Kudlow echoed Kennedy’s concerns, highlighting China’s recent discontinuation of data releases on key economic indicators such as retail sales, unemployment, and property loan issues. He characterized China as “the worst” in terms of transparency.
Kennedy responded, “Trust in God, but tie up your camel. That’s what’s got to guide you dealing with China. As you know, Larry, you’ve negotiated with them. We admitted China to the World Trade Organization on December 11, 2001. China started cheating on December 12. But if we do reach a trade deal with them, we won’t just trust them, we’ll verify, and there is a way to verify what we’re selling them and what they’re selling us.”
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