President Donald Trump’s chief economic adviser said U.S. and Chinese representatives will resume their negotiations to solve trade tensions between the world’s two largest economies.
White House Economic Adviser Larry Kudlow told reporters that the two sides will relaunch their talks by phone in the coming weeks, a Bloomberg video showed on July 3.
Reuters also citing an official at the Office of U.S. Trade Representative said the two countries are scheduling a principal-level phone call for next week.
Trade talks between the United States and China were stalled in May, but President Trump and Chinese leader Xi Jinping agreed to restart them during their meeting at the G-20 summit in Japan last week.
After the phone call, the two sides will arrange face-to-face talks soon, Kudlow said, adding that “they’ll be scheduling.”
Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin have been talking with Beijing, whose principal negotiator is Vice Premier Liu He.
Trade tensions emerged in July 2018 when the Trump administration started to impose punitive tariffs on thousands of Chinese goods over U.S. allegations that China steals its intellectual property, forces foreign companies to share technology, and demands U.S. firms turn over trade secrets in exchange for doing business in China.
The United States has imposed 25% tariffs on $250 billion worth of Chinese imports. China has retaliated but with weaker measures because it lacks of U.S. imports to slap tariffs on.
President Trump has also threatened to levy taxes on another $300 billion of Chinese goods, but offered a concession at the meeting with Xi at G-20 meeting where he agreed not to put tariffs on more Chinese imports, opening opportunities for talks again.
In fact, U.S. officials have said an agreement with Chinese negotiators had been nearly finished before breaking down in May because Beijing pulled back from its commitments it had made.
In a recent interview with CNBC, Kudlow said the U.S. economy will maintain strong growth, at a 3% pace, through the rest of 2019 whether the Trump administration reaches a trade agreement with China or not.