US President Trump is optimistic about the prospect of a trade deal with the Chinese after the “good vibe” of negotiations this week, a top White House adviser said Friday.
“The talks on Wednesday and Thursday in general had what I call a good vibe,” White House National Economic Council director Larry Kudlow said Friday in an interview on Bloomberg Television.
“We’re not ready to put things down on paper, we are a ways from that frankly, as much hard work still is in front of us, nonetheless we did plow some new ground insofar as talking about specifics that here before the Chinese did not really want to talk about.”
This week’s 2 days of high-level talks ended with signs of progress toward an agreement that would end the trade dispute between the world’s 2 biggest economies.
China promised to substantially expand purchases of US goods, and both sides planned further discussion with a month to go before The Trump Administration ratchets up tariffs by 25% on 1 March.
It is Key to the US that any agreement includes “unambiguous” ways to ensure it can be enforced, Mr. Kudlow said, adding that President Trump remains committed to more than 2X’ing tariffs on $200-B of Chinese goods on 1 March if there is no deal.
“We have got to make this reciprocal trade, we’ve got to have the rule of law,” Mr. Kudlow said.
President Trump plans to send US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to China this month in preparation for a possible meeting between the Presidents Trump and Xi.
China agreed to increase imports of US agriculture, energy, industrial products and services, it said, without providing details. The countries also agreed to strengthen cooperation on intellectual property rights and technology transfer.
In a statement, the White House said that progress had been made and “much work remains to be done.”
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