President Donald Trump is unlikely to designate China a currency manipulator this month, breaking a campaign promise, and may “circle back” on healthcare legislation that failed in the House, one of his top economic advisers said Tuesday.
The Trump administration is expected to issue a report in mid-April that will include a determination on whether China manipulates its currency, the RMB Yuan. “I would doubt that would happen,” Stephen Schwarzman, Blackstone Group Chairman/CEO said Tuesday in a TV interview.
President Trump’s plan to overhaul the tax code, meanwhile, will follow “a more deliberate, logical approach than trying to pass health care in 17 days,” Mr. Schwarzman said. “That is not going to happen” for the tax plan, he said.
The healthcare bill may not be dead, though.
President Trump may “circle back on healthcare,” he said. “It sort of has difficulty being dead and gone. I think there’s work going on in the House. How long that will take, I don’t know, but people are talking and ultimately they should be able to get something out of the House.”
Mr. Schwarzman Chairs a panel of US corporate executives who advise President Trump, called the Strategic and Policy Forum, and led the 2nd meeting of the group at the White House Tuesday.
“At the top of our agenda is the creation of great, high-paying jobs,” President Trump said at the meeting.
Mr. Schwarzman has said in the past that he believes the rise of China, as both an economic and military power, will be the world’s most important foreign policy issue over the next half century or more.
He has led investments in the country for a decade, and 1 of China’s sovereign wealth funds owns about 5% of New York-based Blackstone Group (NYSE:BX).
In Y 2013 he started Schwarzman Scholars, a Rhodes Scholarship-like program at Beijing’s Tsinghua University for students from around the world.
An administration official said Monday that the Trump Administration is examining a Presidential directive calling for a review of trading practices, including the dumping of steel and aluminum into the US at below-market prices.
President Trump’s meeting with Chinese President Xi Jinping last week at his Florida resort, Mar-a-Lago, “were good meetings,” Mr. Schwarzman said, after predicting that President Trump would break his campaign promise to declare the country a currency manipulator.
The US Financial markets are closed for Good Friday, have a terrific Easter Weekend.