US, China Mull Deal to Ease Tariffs in Exchange for Trade Talks

Ivan Schwartz
December 4, 2018

Before heading for Buenos Aires on Thursday, Trump said he was open to a trade deal with China, but added, "I don't know that I want to do it".

President TrumpDonald John TrumpVeterans Affairs Dept says it won't reimburse vets who were underpaid GI Bill benefit payments: report Ex-Clinton spokesman slams Ivanka Trump over defense of private email use: "Nothing short of outrageous" Sinclair defends segment justifying use of tear gas at border as "commentary" MORE early Thursday touted the "billions of dollars" pouring into "the coffers of the United States of America because of the tariffs being charged to China" ahead of his scheduled meeting with his Chinese counterpart, Xi Jinping, at the Group of 20 summit this weekend.

In a phone call Wednesday, Trump and Turkish President Recep Tayyip Erdogan expressed their concern about the incident, said White House press secretary Sarah Huckabee Sanders.

Trump is also to meet separately with Russia's Vladimir Putin and the leaders of Argentina, Germany, India, Japan, South Korea and Turkey, White House officials said.

The meeting will take place shortly before Trump is slated to depart Buenos Aires for Washington, giving him hours of time on Air Force One to reflect and react on Twitter. The two leaders will have dinner on Saturday.

Asked whether the two sides had agreed on a list of agenda items for the leaders to discuss, Kudlow said: "We're in some significant preparation on all that".

China had decreased tariffs for all other countries to 15 percent, but forced an additional 25 percent retaliatory tariff on USA vehicles.

"China should change its practices and come into the community of responsible trading nations", he said.

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Overall the G-20 summit is meant to focus on issues such as labour, infrastructure, development, financial stability, climate sustainability and global commerce. The annual summit of leaders of the top 20 economies of the world is being attended by Prime Minister Narendra Modi. He then added the caveat that fairness and reciprocity must be a part of the deal.

The United States has imposed import taxes on $250 billion worth of Chinese products and China has countered by targeting $110 billion in USA imports. The Chinese past year shipped just $884 million worth of cars and light trucks to the United States - less than 1 percent of total auto imports.

"Whether they can get through all that remains to be seen", Kudlow clarified.

The heads of world's two largest economies are scheduled to meet at the Group of 20 summit in Argentina on Saturday.

"The Hundred-Year Marathon" author Michael Pillsbury on the Trump administration's trade negotiations with China.

"Perhaps we can break through in Buenos Aires or not", he said. He said Trump is "not going away". Asked if more duties will harm the US economy if the sides fail to reach a deal, Kudlow called the goods affected "a fraction of our economy" but noted there would be "winners and losers in that game".

"I hope they understand that", he said.

Other reports by GizPress

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