The United States President Donald Trump and Chinese President Xi Jinping are expected to meet in the next month on the sidelines of the G20 Summit to confuse out their distinction on trade. However, no latest talks are scheduled yet, said the White House Economic Advisor Larry Kudlow.
On Friday, the world’s top two economically powerful countries have ended 2-days of negotiations in Washington, without any deal. While makes it clear that the United States is willing to settle down, Mr. Kudlow asked to pack down concerns, insisted the ongoing process.
During an interview on Fox News, White House Economic Advisor was quoted saying, “We need to see something much clearer and until we do, we have to keep our tariffs on,” adding that “We can’t accept any backtracking.”
For future negotiations, while there are “no concrete, definite plans yet,” Mr. Kudlow informs that China had invited US Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer to Beijing, therefore, higher-level discussion could be on the cards.
The chances of President Jinping and President Trump’s meeting during the G20 Summit in Japan “are probably pretty good,” said the top White House official.
On June 28 and June 29, the G20 Summit is scheduled to take place in Osaka.
President Trump had charged Beijing of reneging on its commitments over trade talks and ordered new punitive duties, which effectives on Friday, over $200 billion worth of Chinese imports, raised them to 25 percent from 10 percent.
Then the US President ordered a tariff hike on almost all remaining goods – $300 billion worth, according to Mr. Lighthizer from China.
However, Mr. Kudlow has insisted that it would be a month before such punitive measures, which will follow a time of the public comment and there will be time to negotiate, though refused to “put a timetable” on how long President Trump was prepared to wait.
“We have to change the trading relationship between two countries for the benefit of the United States and its workforce and its ranchers and farmers and so forth. We have to do this,” said Mr. Kudlow adding that “the relationship has been too unbalanced.”
On Saturday, President Trump in his own comments has struck a more aggressive tone, urges China that it would be “wise for them to act now”.
The US President tweets, “They know I am going to win… and the deal will become far worse for them if it has to be negotiated in my second term.”
While supporters acclaimed Donald Trump as a strong negotiator, free-trade-minded Republicans have alerted that the tariffs might do actual damage to the economy, and most farmers – including his supporters – claims the tariffs have hit their base line.
He continued that any damage to the economy of the United State would be far less than forecasted and it was a risk “we should and can take.”