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Home / US / Larry Kudlow accuses Xi Jinping for trump rate, China trade war

Larry Kudlow accuses Xi Jinping for trump rate, China trade war




Larry Kudlow, President Donald Trump's top economic adviser, blamed Wednesday for the recent trade tensions between the US and China directly ahead of Chinese President Xi Jinping.

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 lower tariffs Progress.

"I think Xi is keeping the game up," Kudlow said. "I think Liu He and others want to move, but they have not."

Current trade tensions between the US and China flared in March when Trump threatened to impose tariffs on $ 50 billion of Chinese imports to the United States. The government said that tariffs are necessary to punish China for its US intellectual property theft and to force the government to reform its economic practices.

The tariff threat led to a counter-threat from China and triggered weeks of angry negotiations between the two countries to reach an agreement.

When a preliminary deal failed due to Trump's insistence on continuing with the tariffs, the talks ceased. Tariffs on the first $ 34 billion worth of Chinese goods entered into force on July 6, and China responded with equal force later that day.

Kudlow said talks between the two countries are currently stalling.

"I think he has to move, we're waiting for him, the ball is in his yard," said Kudlow of Xi.

The US has threatened to retaliate Chinese imports of $ 200 billion in tariffs because of China's retaliation against previous tariffs. The Chinese Ministry of Commerce has warned against an equivalent response if the US goes through a second round.

So far, Trump has been vague about what China has to offer in the form of a trade deal to break down the barriers, but Kudlow offered a laundry list of things the US would need to do away with. Eliminate tariffs.

"And the Tit-for-tat business, which is not a favorite path, but nonetheless, they can end this afternoon by offering a more satisfying approach and, essentially Jimmy, doing what the rest of the world knows do: Dumps down, non-tariff barriers down, IP theft no, allow the Americans or British or Germans or whoever has full ownership of companies, "said Kudlow.

During the interview, Kudlow also said talks with Mexico over a renegotiation of the North American Free Trade Agreement, or NAFTA, were moving forward.

And he said he has heard that European Commission President Jean Claude Juncker would make an important free trade offer during a visit to the US next week. However, Kudlow said he could not give any further details.


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