WASHINGTON/BEIJING (Reuters) - China is “meeting many” Trump administration demands to cut its trade surplus with the United States, but a definitive deal to resolve deep trade differences could take a while to develop, White House economic adviser Larry Kudlow said on Friday.
“China has come to trade,” Kudlow told reporters at the White House as U.S. officials met with a Chinese trade delegation for a second day in Washington.
“They are meeting many of our demands. There is no deal yet to be sure, and it’s probably going to take a while to process, but they’re coming to play.”
Kudlow said the Chinese had offered a package of U.S. goods purchases and other steps to cut China’s annual U.S. trade surplus by some $200 billion, contradicting a Chinese foreign ministry spokesman who denied that such a reduction had been offered.
“This rumour is not true. This I can confirm to you,” Chinese foreign ministry spokesman Lu Kang told a regular news briefing on Friday, adding that consultations in Washington “are constructive.”
Kudlow said the Chinese offer included energy and farm commodities purchases, adding “the number is a good number,” adding that China would also need to lower non-tariff barriers and agree to a “verifiable process whereby the technology transfers and the theft of intellectual property stops.”
U.S. President Donald Trump has threatened to impose tariffs on up to $150 billion of Chinese goods to combat what he says is Beijing’s misappropriation of U.S. technology through joint venture requirements and other policies. Beijing has threatened equal retaliation, including tariffs on some of its largest U.S. imports, including aircraft, soybeans and autos.
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