Kudlow: US 'Looking for a Deal' With China on Trade
Kudlow: US 'Looking for a Deal' With China on Trade
Trump Can't Tame The Trade Deficit, So He'll Settle For Taming Wilbur Ross
15 May, 2018, 22:34
When a US delegation led by Treasury Secretary Steve Mnuchin met with officials in Beijing last week, no deal was reached largely because China refused a demand to cut the trade deficit by $200 billion within the next two years.
Kudlow, speaking in a live interview with Politico news outlet, said he backed U.S. Treasury Secretary Steven Mnuchin's efforts to reach an agreement with Beijing and that both countries must take action. Given his past vows to stop the flow of U.S.jobs to China and crack down on what he says are unfair trade practices, Trump's tweet of concern about Chinese jobs was something of a backflip. "Free and open trade, I think that's the solution".
The U.S. -China Business Council (USCBC), which represents 200 American companies that are engaged in business with China, also urged the Trump administration to reconsider its tariff plan.
Earlier this month, the United States presented China with a list of demands that tackle allegations of intellectual property theft and other trade policies Washington considers unfair, which had sparked the initial "trade war" concerns as the two countries were imposing tens of billions of dollars in tariffs on each other. The U.S. accused ZTE of misleading American regulators after it settled charges of violating sanctions against North Korea and Iran. Officials from Beijing are expected to arrive in D.C. armed with a list of items they will offer to import from the U.S.to meet that goal, The Wall Street Journal reported.
President Donald Trump has stepped into the row surrounding the seven year ban on USA companies supplying Chinese telecommunications maker ZTE with software and components.
White House spokeswoman Lindsay Walters confirmed United States officials were in talks with China about the company, saying that Mr Trump expects Commerce Secretary Wilbur Ross "to exercise his independent judgement, consistent with applicable laws and regulations, to resolve the regulatory action involving ZTE based on its facts".
It is no secret that the US has a huge trade deficit with China.
"We're still very far apart", he said.
Despite now ceasing main business operations, China's second biggest telecom equipment maker is still trying to have the ban modified or reversed.
As part of this, they also entered into an agreement with the U.S. government. China, for its part, has stated that it is willing to buy more American goods and services to help reduce the trade deficit.
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