National Economic Council Director Larry Kudlow on the Trump administration's trade negotiations with China and the state of the USA economy.
Led by Treasury Secretary Steven Mnuchin, the USA negotiating team plans to ask the Chinese to change their trade approach in a number of areas, including opening their markets, lowing their trade and non-trade barriers and allowing additional American exports, Kudlow said. The US President, Donald Trump, has now included his top trade adviser, Peter Navarro, to participate in the US-China trade war talks.
"I urged the Chinese vice premier to seize this moment in time to address these lasting concerns and to continue to grow this relationship in a more fair way", said Kevin Brady, the Republican chairman of the House Ways and Means Committee that oversees trade issues.
The senior Chinese official noted that he will actively explore a proper settlement of the trade issues so as to secure a healthy development of the economic and trade ties between Beijing and Washington. The White House has blamed the deficit for the loss of millions of U.S.jobs, which it says are then added to the Chinese economy. On the Chinese side, that included "appropriately dealing with the ZTE case", according to an unofficial translation.
Earlier Wednesday, Trump pushed back on backlash against his effort to throw a lifeline to ZTE, insisting that his only aim is to make progress in trade talks with China.
"Nothing has happened with ZTE except as it pertains to the larger trade deal", Trump tweeted.
Commerce Secretary Wilbur Ross imposed the ban last month because ZTE violated the terms of a $1.19 billion penalty agreement that was announced past year.
He noted that his ongoing USA visit aims to, according to the consensus of the two presidents, continue in-depth communication with the US side on bilateral economic and trade issues.
China also wants the United States to back off its threat to impose tariffs on $50 billion to $150 billion of Chinese goods, ease controls on exports of high-technology goods to China and reduce barriers to Chinese investment. China has vowed to retaliate on products including USA soybeans and airplanes. Previous year it sold more than 20 million smartphones in the United States, almost half its worldwide sales. However, U.S. trade officials said if they take that step they will hold a second public comment period and hearing.
Among the USA lawmakers Liu met with were Orrin Hatch, president pro tempore of the Senate and chairman of the Senate Finance Committee and Kevin Brady, chairman of the House Ways and Means Committee.
Erin Ennis, vice president at the U.S.
"From the two documents that were exchanged a couple of weeks ago, they seem pretty far apart, and we don't know what revised offers have been made at this point or if they've narrowed or changed the list. They are really under the radar", said Jeff Fieldhack of Counterpoint Technology Market Research.