President Trump Is Not Satisfied With China Trade Talks
White House economic adviser Larry Kudlow said President Donald Trump is not satisfied with the progress of trade talks with China.
“Nothing is imminent on China. I think there are discussions going on. No, I wouldn’t say it was imminent,” Mr Kudlow said in a TV interview Monday.
The deal, announced late Sunday, is a revision of the 1994 North American Free Trade Agreement (NAFTA), which underpins $1.2-T in trade between the 3 countries.
President Trump described NAFTA as a bad deal for Americans and threatened to eliminate it as part of his “America First” agenda.
The new United States-Mexico-Canada Agreement (USMCA) is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner.
Changing NAFTA and bringing down US trade deficits was a Top Trump campaign pledge
Mr. Kudlow applauded the NAFTA pact as, “It sends an important message to China, where we’re trying to negotiate on trade, North America is together.”
“I would say frankly as the president has said he has not been satisfied with the progress of those talks, there really has not been much progress recently,” said Mr. Kudlow.
However, he hinted at a potential meeting between Presidents Trump and Xi at the next G-20 Summit set for November.
“He has admiration for President Xi and they may, may perhaps, meet at the G-20 in Buenos Aires later this year,” Mr. Kudlow said. “But no, nothing is imminent on China but we are willing to talk if it’s substantial and significant and serious—always willing to talk.”
The US-China talks so far have been centered on corporate ownership and IP theft.
One of the Key things is ownership: Chinese companies own the majority of US companies operating there.
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