Thursday, 17 October, 2019

Bannon praises Trump for staying tough on China trade talks

Larry Kudlow Enlarge Image Larry Kudlow Getty Images
Russell Knight | 13 May, 2019, 11:25

There are many other sources of tension ripe for flare-ups: US military aid to self-ruled Taiwan, Chinese territorial claims in the disputed South China Sea, US criticism of Beijing's Belt and Road global infrastructure programme, and US security warnings against Chinese telecom champion Huawei.

Kudlow also acknowledged that China doesn't pay the tariffs, in contrast to Trump, who has repeatedly tweeted that China pays the tariffs and in doing so transfers wealth to the United States.

Trump has ordered U.S. Trade Representative Robert Lighthizer to begin imposing tariffs on all remaining imports from China, a move that would affect about an additional $300 billion worth of goods.

While praising Trump, Bannon slammed Treasury Secretary Steven Mnuchin, who's been personally involved in the negotiations with China.

When it came to the payment of tariffs, Mr Kudlow asserted that in fact, "both sides will suffer".

The president then increased the tariffs by more than double on $200 billion of imports at the end of last week, raising the amount from 10 percent to 25 percent.

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Alibaba's headquarters in Hangzhou, in China's Zhejiang province.

Trade talks between the two economic super powers have been going on in Beijing and Washington for months, but they recessed again in the us capital on Friday without a deal being reached. Washington is pressing Beijing to change its policies on protections for intellectual property, as well as massive subsidies for state-owned firms, and to reduce the yawning trade deficit. He then cranked up the heat further, ordering a tariff hike on nearly all remaining imports - $300 billion worth, according to United States trade representative Robert Lighthizer - from the world's second-biggest economy.

Two days of talks ended Friday with no deal.

Kudlow also said that China needs to agree to "very strong" enforcement provisions for an eventual deal and said the sticking point was Beijing's reluctance to put into law changes that had been agreed upon.

The President added: "We will be taking in tens of billions of dollars in tariffs from China". But that consensus is laced with anxiety. This is just politics, because Trump has been unsparing in his criticism of Republican administrations as well on the issue of trade with China.

Trump issued a statement Friday saying the tariffs on Chinese goods "may or may not be removed" while trade talks continue. They are paid by importers of Chinese goods, usually American companies or the US -registered units of foreign companies. And officials have targeted American companies operating in China by slowing customs clearance and stepping up regulatory scrutiny.

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