China Has Not Responded Positively to US on Trade
- Beijing’s trade practices make them an unreliable negotiating partner.
White House economic adviser Larry Kudlow hammered China’s lack of cooperation in the US attempt to forge a trade deal.
“They are unfair traders. They are illegal traders. They have stolen our intellectual property,” Mr. Kudlow said at the Detroit Economic Club on Thursday.
“China has not responded positively to any of our asks,” he said.
President Donald Trump has claimed that China’s rise as an exporting powerhouse has hurt US workers and since taking office he has ordered tariffs on more than $200-B in Chinese imports.
China’s multi-decade investment boom has helped make it the world’s factory and fueled a trade surplus in goods with the United States of $390-B in the 12 months through June.
Some China experts have speculated that Beijing could use RMB Yuan devaluation as a weapon in a broader trade war with the United States.
“America has the greatest technology in the world; it is the backbone of our economy,” he said. “China can’t seem to do that, so they steal it. We cannot allow that,” said Mr. Kudlow, who served as The Trump Campaign’s senior economic adviser.
“We are in a boom, and they know it,” said Mr. Kudlow, the head of the National Economic Council that advises President Trump.
“We have to defend America’s interests, we have to defend American workers and farmers,” said Mr. Kudlow.
“We have used tariffs as part of the negotiating strategy and President Trump will not let go of his criticism that China must change,” Mr. Kudlow said.
President Trump and Chinese President Xi Jinping will meet next month to discuss trade.
Beijing’s trade practices make them an unreliable negotiating partner.
Mr. Kudlow, a longtime proponent of free trade, said that he believes that President Xi does not want a deal, and suggested that further escalation in the trade war was a likely outcome.
“If they are not going to move, we will take additional actions as the President has said,” Mr. Kudlow said at a dinner hosted by the conservative American Spectator magazine on Capitol Hill.
“You can’t operate in good faith knowing that you have to protect your own country with a country that steals your intellectual property rights – you can’t do that,” Mr. Kudlow said.
China’s economy is weakening, while the US economy is roaring.