Tags: China | Trump Administration | kudlow | china | trade | deal

Kudlow Sees 'Momentum' to Finish China Trade Deal

By    |   Thursday, 17 October 2019 10:47 AM

White House economic adviser Larry Kudlow said on Thursday he sees momentum to finalize the initial phase of a U.S.-China trade deal that was outlined last week, adding that it may be signed at the APEC forum next month in Chile.

In an interview on CNBC, Kudlow said the phase one part of the China trade deal was “for real” and went beyond Chinese purchases of U.S. agricultural products to include the opening of non-tariff barriers on agriculture.

“People shouldn’t be so pessimistic on the China talks and that some good things could happen,” the veteran financial guru and former Ronald Reagan adviser said.

“For the skeptics out there, I appreciate that and I respect that but I’m telling you that there’s a lot of momentum and there’s agreement on both sides,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985. “This is for real.”

Kudlow asserted that there will be new opportunities for U.S. companies, pointing especially his expectation that China will be “lowering non-tariff barriers on agriculture.”

“There are also going to be various market access openings with respect to agriculture products and agriculture standards that the Chinese seem to be loosening up on,” said Kudlow, who served as the Trump campaign's senior economic adviser.

Kudlow said a day had not been set to sign any agreement, and that the pact may be signed at the Asia-Pacific Economic Cooperation (APEC) Forum in Santiago in mid-November, or that it may not.

Both Trump and Chinese President Xi Jinping are slated to attend the forum.

On Wednesday, Trump initially told reporters at the White House that he likely would not sign the agreement until he met with his Chinese counterpart at APEC.

However, later on Wednesday at a news conference alongside Italian President Sergio Mattarella, Trump said: “The agreement — we hope to have it signed some time prior to Chile.”

Kudlow told reporters at the White House on Thursday that the issue of forced technology transfers might have to wait and go into a second phase of the trade deal.

Still, there was a lot of cooperation on both sides, he added.

For its part, China hopes to reach a phased agreement in a protracted trade dispute with the United States and cancel tariffs as soon as possible, the Commerce Ministry said on Thursday, adding that trade wars had no winners.

A phased agreement would help restore market confidence and reduce uncertainty, ministry spokesman Gao Feng told reporters, adding that both sides were maintaining close communication, Reuters reported.

"The final goal of both sides' negotiations is to end the trade war and cancel all additional tariffs," Gao said. "This would benefit China, the U.S. and the whole world. We hope that both sides will continue to work together, advance negotiations, and reach a phased agreement as soon as possible."

Chinese premier Li Keqiang said both China and the United States need to resolve the issues through dialog. He made the comments on Thursday when he met delegates led by Evan Greenberg, chairman of the U.S.-China Business Council.

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White House economic adviser Larry Kudlow said on Thursday he sees momentum to finalize the initial phase of a U.S.-China trade deal that was outlined last week, adding that it may be signed at the APEC forum next month in Chile.
kudlow, china, trade, deal
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2019-47-17
Thursday, 17 October 2019 10:47 AM
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