Tags: kudlow | china | backchannel | trade | talks

Kudlow: US, China Holding 'Back-Channel' Trade Talks

Kudlow: US, China Holding 'Back-Channel' Trade Talks
(AP)

Saturday, 07 April 2018 01:23 PM

President Donald Trump’s top economic adviser said the U.S. and China are holding “back-channel discussions” to resolve an escalating trade dispute that has unsettled global financial markets.

“There are all kinds of back-channel discussions going on,” Larry Kudlow, director of the National Economic Council, told reporters at the White House on Friday. He insisted that the U.S. and China are not in a trade war.

Trump added to the tensions over trade on Thursday when he instructed the U.S. Trade Representative’s Office to consider tariffs on an additional $100 billion in Chinese imports, bringing to $150 billion the range of Chinese products under consideration. China has said it will respond proportionately, and has so far proposed duties on $50 billion in U.S. products, including aircraft and soybeans.

The S&P 500 Index erased its weekly gain on Friday following Trump’s move; Treasuries rose.

Treasury Secretary Steven Mnuchin told CNBC on Friday that “there is a level of risk that we could get into a trade war,” but added that he’s “cautiously optimistic” that the world’s two largest economies would resolve differences through negotiations.

Kudlow said the U.S. hasn’t given China a list of demands, but the administration has said that technology and intellectual property theft are central issues.

“The American economy is driven by technology and technological advances. That’s our future. We can’t let them steal our work in this area,” Kudlow said.

© Copyright 2019 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Politics
President Donald Trump's top economic adviser said the U.S. and China are holding "back-channel discussions" to resolve an escalating trade dispute that has unsettled global financial markets.
kudlow, china, backchannel, trade, talks
232
2018-23-07
Saturday, 07 April 2018 01:23 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved