U.S. President Trump’s top economic adviser tells CGTN that the President is “determined” to impose tariffs on Chinese goods and follow through with investment restrictions if a deal can’t be worked out.
Larry Kudlow, White House National Economic Council Director, said the moves scheduled for middle and end of June are still on. China has said it will scrap any deals to buy more U.S. good if that happens. CGTN White House Correspondent Nathan King has this report.
Kudlow began his briefing by saying there is no deal to allow embattled Chinese telecoms giant ZTE to resume purchases of critical U.S. components, but he didn’t rule one out.
“No decision has been reached by both sides as of now,” Kudlow said.
He said “structural reform” was key-meaning lower tariff barriers, not just buying more US products.
“This is not the Chinese government buying a bunch of natural gas and soybeans from America,” said Kudlow. “This is about reducing tariff rates and non-tariff barriers that will permit the increase in U.S. export sales to China. That’s the actual mechanism.”
China has said any imposition of tariffs would see a proportionate response and no additional purchases of U.S. energy or agricultural products saying in a statement:
“All economic and trade outcomes of the talks will not take effect if the U.S. side imposes any trade sanctions, including raising tariffs.”
Addressing the U.S. President’s imposition of steel and aluminum tariffs on European trading partners, and neighboring Canada and Mexico, Kudlow called for calm and said it was just a trade dispute at this stage.
“I regard this much like a family quarrel. I’m like the optimist. I believe it can be worked out,” Kudlow said. “President Trump is very clear with respect to his trade reform efforts. We will do whatever is necessary to protect the United States, its businesses and its workforce.”
This may be the calm before the storm. The US President will be in Canada this weekend for the G7 summit there. The US will be isolated among its allies and will face condemnation for protectionist policies. ‘America first is still looking very much like ‘America alone.’