Kudlow less optimistic about US-China trade deal

Kudlow less optimistic about US-China trade deal

US President Donald Trump is convinced that the United States and China can come to a deal about their trade dispute.

China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind. "Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina", the president added, going on to mention that they had "had good discussion on North Korea!"

Trump sounded very optimistic about reaching a trade deal with China, or else, he warned, he was ready to impose a trade tariff of 25 per cent on another United States dollars 267 billion worth of Chinese products.

"We are getting much closer to doing something", Trump said.

With these comments, Trump reacted to rumors that he would actually sign a trade agreement with China at the G20 summit. "It's possible", said Kudlow, who worked as Reagan's budget deputy between 1981 and 1985.

It is very important for the heads of state of the United Stats and China to keep frequent, direct communication, Trump said, and he and Xi should keep in touch with each other. Meanwhile, Chinese state media said Xi has promised tax cuts and other help to China's entrepreneurs in a renewed effort to revive the cooling, state-dominated economy.

Meeting a group of Republican lawmakers in Beijing, China's Li noted the China-U.S. relationship's "ups and downs" over the past four decades of diplomatic ties.

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China's foreign ministry says a phone conversation between President Xi Jinping and his American counterpart, Donald Trump, about trade and other issues was "extremely positive".

The leaders of the world's two largest economies made the remarks after their first publicly disclosed telephone conversation in nearly six months.

Kudlow said Thursday at an event in Washington that Trump and Xi might be able to break the logjam on issues during the summit. They very much want to make a deal.

Given that tariffs are generally inflationary and bad for economic growth, investors have not been particularly pleased with the idea of a drawn-out trade war - or the possibility of more tariffs.

"The Trump administration should not miscalculate China's tolerance for what they perceive as bullying tactics", he said.

The United States has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of US goods. And I said, 'You're not ready yet.

In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.

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