China says USA blaming Xi for blocking trade deal bogus and shocking

21 July, 2018, 20:43 | Author: Gerard Cortez
  • Xi ‘doesn’t intend to follow through’ on trade war talk says top US adviser

White House economic adviser Larry Kudlow said Wednesday that "there's no recession in sight" for the American economy and that President Donald Trump "is on the right track" with his economic agenda.

Director of the National Economic Council Larry Kudlow takes questions from reporters at the White House in Washington, U.S., June 27, 2018.

"As far as we know, President Xi at the moment does not wish to make a deal", White House National Economic Council Director Larry Kudlow said at the CNBC Institutional Investor Delivering Alpha conference in NY on Wednesday. Trump has also announced 10 percent tariffs on an additional $200 billion of Chinese products that could be imposed as early as next month.

In a televised interview on Wednesday, Kudlow blamed China for an impasse in trade negotiations, which began in response to the Trump administration's policy of unilaterally imposing tariffs to pressure China.

And Jonathan Gray, president and chief operating officer at $449 billion Blackstone Group LP (BX.N), said trade tensions, particularly with China, pose "risks for all of us as investors". The administration said that the tariffs were necessary to punish China for their theft of USA intellectual property and force the government to reform their economic practices.

As for the trade talks, Kudlow doesn't think that President Xi has "any intention of following through with discussions". The tariffs on the first $34 billion worth of Chinese goods went into effect on July 6, and China responded with equal force later that day.

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"I think Liu He and others would like to move but haven't", he said.

"President Trump inherited this mess", Kudlow said.

"Don't blame Trump, blame China", he said. "We are waiting for him".

Trump, speaking to reporters at the White House, said that European Commission President Jean-Claude Juncker's visit will discuss vehicle tariffs, which he cited as "the big one" among U.S. -EU trade irritants. The ball is in his court.

Trump this month also leveraged steep tariffs against historic US allies including the European Union and Canada, as well as Mexico.

Mr. Kudlow suggested Beijing knows what it must do - knock down non-tariff barriers, further prevent IP theft and allow foreign firms to fully own their operations, as opposed to relying upon controversial Chinese joint-ventures.

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