Adviser Larry Kudlow says president won't take credit for 'trade war' market selloff: 'Blame China, not Trump'
Larry Kudlow speaks to Fox Business (screen grab)

Newly-appointed Director of the National Economic Council Larry Kudlow on Wednesday insisted that President Donald Trump was not to blame for market volatility over a possible trade war.

During an appearance on Fox Business, Kudlow was asked if Trump had started a "trade war" after China responded to White House trade measures by proposing tariffs on U.S. goods.

"Absolutely not," Kudlow insisted. "And let me just say right at the top, number one, blame China, not President Trump! Because they've been going on for many years. Trump is really the first president to fight back and to put a shot across the bow -- stealing intellectual property rights, technology transfers, high barriers, investment limitations, high tariffs."

"Somebody's got to deal with it," he added. "President Trump is going to deal with it. There's no trade war here. What you've got is the early stages of a process that will include tariffs, comments on the tarriffs then decisions and negotiations."

In contrast to Kudlow's remarks, the president often takes credit when the stock market makes even modest gains.

Watch the video below from Fox Business.