Despite tough trade talk and tariffs announced this week on China, President Donald Trump is a "free trader" and does not want a trade war, but the "path to free trade must be to correct unfair trading practices," incoming National Economic Council Director Larry Kudlow said Sunday.

"Unfair trade practices must be dealt with, and he is the master negotiator," Kudlow told "The Cats Roundtable" on 970 AM-N.Y.

". . . The president regards himself as a free trader, but he believes the path to free trade must be to correct unfair trading practices, of which, China is guilty."

With regard to this week's declines in the stock market from the threat of a trade war with China, Kudlow – who has yet to assume his new role in the administration – sees the market's short-term move to the down side as an "overreaction," and he stands firmly to say "buy the dip," he told host John Catsimatidis.

"Contrary to [the view of] recent American presidents, China technology transfer, China's stealing of American intellectual property rights, the Chinese counterfeiting of American goods, the Chinese tariffs and barriers have got to stop," Kudlow said.

". . . [Trump's] analysis of the technology stealing is dead-on correct."

• Treasury's Mnuchin: Stock Declines on Tariffs Just Temporary
• Chinese Ambassador Warns of 'Trade War' Over Trump Tariffs