National Economic Council Director Larry Kudlow revealed to Breitbart News Saturday listeners on SiriusXM Patriot 125 that U.S.-China trade talks will continue in D.C. next Thursday and Friday with hope for a “good deal” and the possibility that stronger measures could be required if China does not permit that.
Kudlow added that it is the Chinese to blame for the recent actions President Donald Trump has taken, not Trump, and that China’s “illegal” practices must be stopped — and the goal may be a full restructuring of the Chinese economy.
— SiriusXM Patriot (@SiriusXMPatriot) May 12, 2018
Kudlow explained that he never expected a trade deal by the end of the two-day U.S. trade delegation trip to China. He said it turned out more positively than some have reported. “It was really the beginning of what I think is going to be a lengthy process,” he said.
“They treated us cordially and respectfully,” Kudlow said, adding that the U.S. delegation had been afraid that wouldn’t be the case. “They allowed us plenty of time to get our points across and they brought the A-team, they brought the varsity.”
The U.S. trade delegation was led by Treasury Secretary Steve Mnuchin and included Kudlow, Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, and Assistant to the President for Trade and Manufacturing Policy Peter Navarro. Following the meetings the White House called discussions between the two delegations as “frank.” Discussions included, “rebalancing the United States-China bilateral economic relationship, improving China’s protection of intellectual property, and identifying policies that unfairly enforce technology transfers.”
The consensus within the Trump administration after the talks was, “immediate attention is needed to bring changes to United States-China trade and investment relationship.”
Kudlow listed during Saturday’s radio interview the Chinese trade delegation that participated in the Beijing-based trade talks: Vice Premier Liu He, the Commerce Minister, the Foreign Minister, the Finance Minister, and the Central Bank Governor.
“President Trump is right,” said Kudlow. “China’s trade system, and perhaps for that matter, their economy, has got to be restructured.”
His message to people alarmed by Trump’s actions:
Don’t blame Trump, blame China. China has practiced unfair and illegal trading practices, intellectual property theft, forced technology transfers, they won’t let American companies in China own their own companies. Ya know there’s a 49 percent ceiling on ownership, that means the Chinese investors will just take your technology by force, they have very high tariffs in a number of places, they have non-tariff barriers.
Trump has said these trade issues with China have to change, according to Kudlow, including a lower trade deficit.
Trade talks between U.S. and Chinese trade officials are set to continue next week in Washington, DC. Kudlow revealed on the Saturday radio program that the Chinese officials will be in DC on Thursday and Friday. He will be participating in those talks.
“I don’t want to make predictions, I, myself, just personally, think China would like a deal, but what we don’t know is whether it would be a good deal, a deal that would help the U.S. economy and it’s workforce,” said Kudlow. He referred to a “trade coalition of the willing worldwide” wanting to tear down China’s barriers. “Whether China will permit that or whether we’ll have to take stronger measures remains to be seen.”
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