US President Donald Trump and Chinese Chin-ping are expected to meet at the end of June, at the G20 summit in Japan, said Larry Kudlow, US economic advisor to the US president on Sunday’s Fox television interview.
“Let me repeat, there is a very strong likelihood that the two presidents will meet each other at the G20 meeting in Japan,” Kudlow said.
The head of the White House Economic Council added that there is currently no new round of US-trade negotiations planned.
On Friday, the 11th round of negotiations, which the parties were about to finish, was unsuccessful in Washington. No agreement has been reached and the additional customs tariffs on thousands of Chinese imports have been raised in the United States, as Donald Trump promised.
On May 5, the US President announced on Twitter that, after trade negotiations, he would raise an additional $ 200 billion annual import duty on Chinese import goods from $ 10 to $ 25, and start preparing for an additional $ 325 billion Chinese commodity.
The decision was motivated by Trump that China has withdrawn from some of its earlier commitments and would like to renegotiate the draft treaty.
In a Sunday interview, Kudlow said that Washington would certainly insist on a series of measures, such as the protection of intellectual property or the resolution of violent technology transfer.
After the unsuccessful negotiating round, the economic advisor expects Beijing to announce countermeasures. This has not happened yet, but – as Kudlow put it – “tomorrow we may know more.” He admitted that “the commercial war” will suffer both sides. At the same time, he defended the policy of the Trump administration and stated that any Chinese countermeasures would “have a very small effect on the overall domestic product of the United States” because the economy is “fantastically in good shape”.
Kudlow also said that the Chinese have invited Robert Lighthiz, the United States Trade High Representative to Beijing on Friday, but there is no “definitive final plan” for the time of the visit.
The Chief Economic Advisor announced that the government will provide additional financial assistance to American farmers who suffer the most from the American-Chinese trade war. Earlier, the government helped farmers with $ 12 billion, and Kudlow suggested that they would spend the same amount of money on further aid. “We’ll do it again if necessary,” he said.
Sen. Paul Paul Kentucky also responded to the US-China trade talks on Sunday. The Republican politician told ABC Television’s usual weekly political vitamin line that he advised Donald Trump to close trade negotiations as soon as possible, because “the longer this commercial war is, the greater the chances of the economy falling back.”