U.S. and China at impasse over trade, Larry Kudlow says new tariffs will remain GlobeBusiness
Director of the National Economic Council Larry Kudlow attends a Roosevelt Room event at the White House on May 9, 2019 in Washington, DC.The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any “bitter fruit” that harmed its interests.
White House economic adviser Larry Kudlow told Fox News on Sunday that the United States needs to see China agree to “very strong” enforcement provisions for an eventual deal and said the sticking point was Beijing’s reluctance to put agreed changes into law.He vowed the tariffs would remain in place while negotiations continue.
However, the trade talks suffered a major setback last week when China proposed extensive revisions to a draft agreement. It wanted to delete prior commitments that Chinese laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.Vice Premier Liu He, China’s top economic adviser, sought to defend the changes in talks with senior U.S.
China strongly opposes the latest U.S. tariff hike, and has to respond to that, Liu told reporters on Saturday.Trump has ordered Lighthizer to begin the process of imposing tariffs on all remaining imports from China, a move that would affect about an additional $300-billion worth of goods.
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