Published: Tue, May 15, 2018
World News | By Joan Terry

Kudlow: US 'Looking for a Deal' With China on Trade

Kudlow: US 'Looking for a Deal' With China on Trade

"Everyone is looking for some kind of deal", he told Politico in an interview, adding that no agreement had been reached yet.

Referring to Liu's visit, Lu said China was willing to work with the U.S.to "strive for positive and constructive outcomes from the next round of economic and trade discussions". "Free and open trade, I think that's the solution".

Global shares were mixed in muted trading Tuesday amid continuing uncertainty over trade tensions between China and the U.S. Investors were watching for U.S. retail sales data due out later in the day.

President Donald Trump has threatened tariffs on imports of Chinese goods, and China has threatened to retaliate with duties on U.S. products, including food items such as pork, beef and soybeans.

The spat started with USA measures against Chinese steel and aluminium imports, which led to Beijing imposing tariffs on 128 different United States products.

But he offered an olive branch in calling on US officials to revisit penalties for Chinese company ZTE Corp. for flouting USA sanctions on trade with Iran and North Korea.

As of Monday, the USTR's Office has received over 2,700 filings of written comments regarding the administration's tariff approach, with major US business groups opposed to tariffs on Chinese products.

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"You (Trump) should care more about our national security than Chinese jobs". According to IDC data, ZTE sources more than 40 percent of its components from the USA, creating a multibillion-dollar revenue stream for suppliers like Qualcomm and Intel.

It is no secret that the USA has a huge trade deficit with China. Recently, the tariffs have turned into somewhat of a bargaining chip for the Trump administration as negotiations between Washington and Beijing continue this week.

"The Chinese have said 'we want to see the specifics.' We gave them all the specifics in terms of trade issues".

ZTE had warned last month that the ban on U.S. firms supplying it with components threatened its very survival.

The United States is considering imposing tariffs on up to $150 billion of Chinese products, and Beijing has countered with proposed tariffs on $50 billion in American goods, including soybeans and small aircraft.

Trump is seeking to cut the chronic US trade deficit by $100 billion and gain concessions over the policies that foreign companies say force them to share technology in order to gain market access.

Increasing U.S. exports of liquefied natural gas could also be an area where the two countries could agree, he said.

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