Tue, Oct 23, 2018 - Page 10 News List

Kudlow says China passive ahead of Trump-Xi meeting

Bloomberg

US President Donald Trump’s top economic adviser accused China of refusing to engage on trade issues in a Financial Times interview, while a separate report said that Trump believes it will take more time for tariffs to have an effect.

“We gave them a detailed list of asks, regarding technology for example, [which] basically hasn’t changed for five or six months. The problem with the story is that they don’t respond — nothing,” White House economic adviser Larry Kudlow told the Financial Times in an interview on Sunday. “It’s really [Chinese President Xi Jinping (習近平)] and the Chinese Communist Party — they have to make a decision and so far they have not, or they have made a decision not to do anything, nothing. I’ve never seen anything like it.”

The news Web site Axios on Sunday reported that Trump believes it will take more time for tariffs recently imposed by the US on Chinese imports to have an impact on China’s economy, and he believes he will gain more leverage in trade negotiations the longer that they remain in place.

Trump and Xi are expected to meet at next month’s G20 summit in Argentina. Trade talks have been on ice since late September, when the two countries implemented another round of tariffs on each other’s imports.

Kudlow’s comments and the Axios report follow a three-day stretch in which top Chinese officials, including Xi, sought to bolster investor confidence via statements as well as comments reported by state-run media.

The benchmark Shanghai Stock Exchange Composite Index last week fell to its lowest level in four years as trade tensions and concerns about an economic slowdown weighed on sentiment.

Growth in China decelerated to 6.5 percent in the third quarter, according to data released on Friday last week by China’s National Bureau of Statistics.

The Shanghai Composite Index yesterday surged 4.1 percent — the biggest one-day gain since the start of March 2016.

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