President Donald Trump’s top economic advisor Larry Kudlow said China trade talks have stalled on Wednesday.
“I do not think President Xi has any intention of following through on any of the discussions we’ve made and I think the President is so dissatisfied with China on these so-called talks that he is keeping the pressure on and I support that,” Kudlow said.
Kudlow pointed to the gap between U.S. and Chinese tariffs, saying “our average tariff is about” 2.5 percent while “China’s average tariff is about 14 percent.”
“Here’s my solution, and the president agrees with this: Lower your barriers,” Kudlow said. “We will export like crazy.”
Kudlow added that President XI of China himself is “holding the game up” but that overall the country would like to make a deal.
Trump’s administration released a new list of tariffs on $200 billion of Chinese goods on July 10, as the president continues to broaden the trade war with Beijing. Trump’s new tariffs will not go into effect immediately but will undergo a two-month review process, with hearings Aug. 20-23. The list comes after warnings by Trump that he may implement tariffs on at least $500 billion in Chinese goods should Beijing retaliate against the $34 billion in U.S. tariffs that kicked in July 6.
Despite the president’s threats, China implemented retaliatory tariffs on the U.S. shortly after. China has again accused the U.S. of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute.