President Trump is Open to China Trade Deal Despite Impending Tariffs
President Donald Trump is open to reaching a deal on US-China trade disputes over dinner on Saturday with Chinese leader Xi Jinping in Argentina.
However, President Trump is ready to hike tariffs on Chinese imports if there is no breakthrough
As of Tuesday we do not know if the 2 sides have agreed on a formal agenda for the leaders’ conversation after the G-20 Summit in Buenos Aires. As there were no scheduled talks on the ground for their advisers according to our source, but there are likely preparations being made.
President Trump’s economic advisor, Larry Kudlow said the President told advisers that “in his view, there is a good possibility that a deal can be made, and that he is open to that.”
But, that “certain conditions have to be met,” listing intellectual property theft, forced technology transfer, ownership of American companies in China, high tariffs and non-tariff barriers on commodities, and commercial hacking as examples of issues that “must be solved.”
Mr. Kudlow declined to comment on whether China had made offers of concessions.
The White House sees the dinner as an opportunity to “turn the page” on a trade dispute with China.
Mr. Kudlow said,“Their responses have disappointed because … we cannot find much change in their approach,”
“President Xi has an opportunity to change the tone and the substance of these talks,” Mr. Kudlow told reporters at the White House Tuesday. “President Trump has indicated he is open – now we need to know if President Xi is open.”
If there is no progress, President Trump is prepared to raise tariffs on $200-B of imports to 25% from current levels of 10%, and could add tariffs on another $267-B of imports, Mr. Kudlow said.
“As we all have learned, he means what he says.”
President Trump has a packed schedule of bi-lateral meetings in Argentina.
President Trump is slated to take part in a signing ceremony for the trade agreement with Mexico and Canada that replaces the North American Free Trade Agreement (NAFTA)