U.S. President Donald Trump said on Thursday that the United States was under no pressure to make a trade deal with China, even as Chinese officials welcomed an invitation from Washington for a new round of talks with more U.S. tariffs looming.
The Trump administration has invited Chinese officials to restart trade talks, the White House’s top economic adviser said on Wednesday, as Washington prepares to further escalate the U.S.-China trade war with tariffs on $200 billion worth of Chinese goods.
Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that U.S. Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials, but he declined to provide further details.
“There’s some discussions and information that we received that the Chinese government – the top of the Chinese government wished to pursue talks,” Kudlow said. “And so, Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation.”
Two people familiar with the effort said Mnuchin’s invitation was sent to his Chinese counterparts, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks.
Asian shares advanced on Thursday on hopes that a deal could be struck in the bitter tariff dispute between the world’s two largest economies. In China, the yuan jumped and stocks rose.
The Trump administration is preparing to activate tariffs on $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture. It was unclear whether any U.S.-China talks would delay the duties.
Kudlow earlier told reporters outside the White House that communications with Beijing had “picked up a notch” and added he saw that as “a positive thing.”
“I think most of us think it’s better to talk than not to talk, and I think the Chinese government is willing to talk,” Kudlow said.
Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: “If they come to the table in a serious way to generate some positive results, yes, of course. That’s what we’ve been asking for months and months.”
But he cautioned: “I guarantee nothing.”
The timing and location of the proposed meeting were unclear, the sources familiar with the matter said. Mid-level U.S. and Chinese officials met on Aug. 22 and 23 with no agreements.
A U.S. Treasury spokesman did not respond to requests for comment.
The invitation was first reported by the Wall Street Journal. A meeting among Cabinet-level officials could ease market worries over the escalating tariff war that threatens to engulf all trade between the world’s two largest economies and raise costs for companies and consumers.
Source: Reuters
