US China Trade Talks Back On

US China Trade Talks Back On

US China Trade Talks Back On

President Donald Trump’s top economic adviser said Tuesday that the United States was talking again with China on trade, calling it a “very positive” development.

“Right now we’re having communications at all levels of the US and Chinese governments,” National Economic Council Director Larry Kudlow said in a TV interview. “We’re talking to them again … so that’s a plus,” the veteran financial guru and former Ronald Reagan adviser said.

“I think that’s very, very, very positive,” said Mr. Kudlow, as he confirmed reports Treasury Secretary Steven Mnuchin has restarted trade talks with his Chinese counterpart.

The WS-J reported late Monday the US Treasury Secretary Steve Mnuchin and his Chinese counterpart, Vice Premier Liu He, spoke by phone about a possible future trade deal. During the call, Secretary Mnuchin pushed China to offer a formal agreement before the countries begin negotiations, according to the report.

The renewed discussions indicate the 2 sides are trying to reach an accommodation, the WS-J reported, citing unnamed officials.

Trade negotiations between the 2 countries had been put on pause, Commerce Secretary Wilbur Ross said last month. The United States has consistently sought concessions from China on intellectual property and technology, as well as tariffs on imports of US goods.

The conversation between the financial leaders comes a few weeks after President Donald Trump Tweeted about a “long and very good” conversation about trade with Chinese President Xi Jinping.

“Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina,” President Trump said.

The US is prepared to slap tariffs on all remaining Chinese imports by early December if the G-20 talks do not ease the tension.

Washington has already imposed tariffs on $250 billion worth of Chinese goods and Beijing has responded with $110-B in retaliatory duties.

Of those tariffs, $200-B of goods are set to increase from 10-B to 25% on 1 January.

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