White House's Kudlow says U.S.-China talks making progress, could extend

White House's Kudlow says U.S.-China talks making progress, could extend

White House's Kudlow says U.S.-China talks making progress, could extend

Any attempts to address a trade deficit or surplus with another country through tariffs would shift the trade balances with other countries, making no impact on a country's aggregate balance, the International Monetary Fund said. Three days later, he predicted that he would sign a deal "fairly soon".

"We expect to do more this week", Kudlow said.

Michael Pillsbury, a China expert at the Hudson Institute, said the emerging accord would not erase all of the irritants in the US-China relationship.

The U.S. and China have levied tariffs on billions of dollars worth of each other's goods since previous year, which disrupted supply chains and raised costs for companies. "It's closer to being a cease-fire", said Pillsbury, an occasional Trump adviser on China.

The U.S. administration and a trade industry official both expressed optimism for current trade talks between the United States and China. A pair of recent academic studies concluded that the entire tariff burden has fallen on Americans.

Top officials have made clear they see the penalties as leverage over Beijing, but might be willing to ease some of them depending on the size of the deal.

For example, US imports of electronics and machinery from China would drop to 11.5 percent after the tariffs from about 22.1 percent of total imports, while the proportion of imports from other countries would rise.

More discussion between the two countries are due to kick off on April 3, with China's lead negotiator to arrive in Washington. Christopher Adams, a former China specialist at the Treasury Department and the Office of the U.S. Trade Representative who is a senior adviser at the Covington & Burling law firm, added: "There has to be something substantive on the structural issues".

Trump said Thursday that any summit would be "here", but he did not specify whether he meant Washington or elsewhere in the United States. During his presidential campaign, he assailed China for the "rape" of the American economy.

The United States and China have been embroiled in a tit-for-tat tariff battle since mid-2018.

Chinese Vice President Liu He is in Washington just days after wrapping up talks last week in Beijing.

That would translate to about 1 percent of the workforce in the USA agricultural and transportation equipment sectors, and 5 percent in Chinese manufacturing other than electronics, like furniture and jewelry.

The president's focus on securing huge new Chinese orders for American soybeans, aircraft and other products is expected to produce political gains in export-dependent states. This would represent a backslide in China's movement toward an open market economy, potentially frustrating U.S. attempts to increase American companies' access to, and investment in, Chinese markets.

China, by contrast, wants the imposts dropped immediately and has signalled it won't agree to such punitive measures as they would erode its sovereignty. "We've agreed to far more than we have left to agree to", he said.

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