Tuesday, 21 August, 2018

China says US blaming Prez Xi for blocking trade deal is ‘bogus’..

Larry Kudlow a long-time fixture on the CNBC business news network who previously served in the Reagan administration is interviewed on the floor of the New York Stock Exchange Wednesday Larry Kudlow Says China President Xi is Standing in the Way of a Trade Deal AP
Russell Knight | 21 July, 2018, 17:27

White House National Economic Council Director Larry Kudlow said he believed lower-level Chinese officials want to end tariffs the world two largest economic powers have imposed on each other, but that Xi has refused to amend China's technology transfer and other trade policies.

During an interview with CNBC's Jim Cramer at the Delivering Alpha conference, Kudlow said that while other Chinese officials - including China's top economic official, Vice Premier Liu He - are open to a deal to ease tensions and reduce tariffs, Xi is holding up progress.

Kudlow said on Wednesday that Xi was "holding the game up".

"We have confidence and enough capabilities to safeguard our legitimate interests, and make joint efforts with other countries to maintain global rules and the multilateral trading system", Hua said.

Throughout it all, Trump has maintained a good relationship with Xi and they are working together to thwart North Korea's nuclear threat, said Kudlow.

China Thursday refuted the remarks made by a senior USA official who blamed China for the bilateral trade dispute, saying his words distorted the facts. "We are waiting for him".

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In a televised interview on Wednesday, Kudlow blamed China for an impasse in trade negotiations, which began in response to the Trump administration's policy of unilaterally imposing tariffs to pressure China. "The ball is in his court".

The administration has also released a list of 10 per cent tariffs on an additional US$200 billion of Chinese goods, which could take effect as early as next month.

Kudlow said China could end US tariffs "this afternoon" if it took measures that include cutting tariff and non-tariff barriers to imports.

Mr. Kudlow suggested Beijing knows what it must do - knock down non-tariff barriers, further prevent IP theft and allow foreign firms to fully own their operations, as opposed to relying upon controversial Chinese joint-ventures. I am told he's bringing a very important free trade offer, Kudlow said.

Analysts have noted that thus far Mr. Trump has been vague about what China must offer for the new tariffs to be scaled back.

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