Published: Sat, July 21, 2018
Economy | By Shawn Conner

Trump's advisor blames Xi for China trade row

Trump's advisor blames Xi for China trade row

White House National Economic Council Director Larry Kudlow said on Wednesday that he thinks President Xi has no intention of making any kind of deal to resolve the trade dispute.

Kudlow concluded by attacking China's president Xi Jinping.

He also referred to America's expanding trade deficit with China as "wrong" and believes that "the problem is getting worse and worse".

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Speaking on CNBC's Delivering Alpha in New York, Kudlow admitted to not being "a big fan of tariffs" but thinks that president Trump is "doing the right thing here". Speaking Wednesday morning at CNBC's Delivering Alpha conference in NY, he said the additional fiscal stimulus measures, coming after Trump's late-2017 corporate tax cuts, could boost gross domestic product to a range around 4%.

On the confrontation with Europe, which also has retaliated against U.S. metals duties, and faces a threat of tariffs on auto exports, Kudlow said he believes the European Union is considering a compromise offer.

Earlier this month, the White House slapped 25 percent in tariffs on Chinese goods worth $34 billion - and Beijing immediately hit back with duties on USA goods valued at $34 billion.

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"You have to go and lay your entire blueprint on the table, including the technology, and they will have their experts open it right up", he said. The administration said that the tariffs were necessary to punish China for their theft of U.S. intellectual property and force the government to reform their economic practices. China's Xi has the power to stop the tit for tat trade war, but is not willing to do so.

"There's no recession in sight right now", Kudlow said at an investor conference in NY.

While some investors had hoped Kudlow might use the occasion to dial back some of Trump's rhetoric and calm Wall Street's nerves, he backed his boss fully. "We are waiting for him (Xi)".

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And he said he has heard that European Commission President Jean Claude Juncker would make a significant free trade offer during a visit to the U.S. next week. He added that the ball is in President Xi's court. The U.S. has also called on Beijing to end the "theft" of intellectual property and allow full foreign ownership of companies operating in China.

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