Thursday, White House economic adviser Larry Kudlow said that the upcoming trade talks between the United States and China will be Key in determining whether the globe’s 2 largest economies can reach a deal on trade.
Chinese Vice Premier Liu He will meet with US Trade Representative Robert Lighthizer in Washington on 30-31 January.
“I think the Chinese Vice Premier Liu He talks will be determinative,” Kudlow said in a TV interview, adding that President Trump has told him that he remains “rather optimistic.”
“The scope of the talks are huge and the talks are going to continue at the highest level,” said Mr. Kudlow. Right now “we have nothing on paper, there is no contract, there is no deal.”
Commerce Secretary Wilbur Ross said the US and China are eager to end their trade dispute, but the outcome will hinge on whether Beijing will deepen economic reforms and further open up its markets.
“The harder issues are the ones that deal with structural reforms, particularly intellectual property rights,” said Mr. Ross in a TV interview Thursday, adding that China is moving up the technology value chain and also has an interest in protecting its own IP. “The equal market access is another very big issue. The idea of forced technology transfers is a huge issue.”
Mr. Ross said negotiators are making progress on “easier” issues like how much of certain American products the Chinese will agree to buy, such as soybean and LGN (liquefied nat gas). China has offered to go on a 6-year buying spree to ramp up imports from the US by more than $1-T.