Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home >> Gov't Regulation Email this story   Print this story
China, U.S. on verge of 'historic' trade deal, top White House adviser says
Bloomberg | 2019/3/1

The U.S. and China are on the cusp of a ¡°historic¡± agreement that would commit Beijing to cut subsidies for state-owned companies and disclose when its central bank intervenes in currency markets, a top White House adviser said.

¡°The progress has been terrific,¡± Larry Kudlow, director of the White House¡¯s National Economic Council, said in an interview Thursday on CNBC. ¡°We have to hear from President Xi and the Politburo of course, but I think we¡¯re headed toward a remarkable historic deal.¡±

The Chinese have pledged to ¡°significantly¡± reduce subsidies to state-owned firms as part of a potential deal, as well as to disclose when the nation¡¯s central bank buys and sells foreign currency, Kudlow said. The Asian nation has also pledged to ¡°de-emphasize¡± its plans to dominate in emerging technologies, including electric vehicles, outlined in its Made-in-China 2025 plan, he added.

Kudlow cautioned that the U.S.-China accord still needs to be approved at the highest levels of the Chinese government.

It¡¯s likely President Donald Trump will meet Xi next month at the U.S. president¡¯s resort in Mar-a-Lago, Florida, Kudlow said.

Kudlow¡¯s bullish comments come only a day after Trump¡¯s top trade negotiator struck a more cautious tone, warning U.S. lawmakers that more work needs to be done and declaring that the administration won¡¯t accept a deal that doesn¡¯t include significant ¡°structural¡± changes to China¡¯s state-driven economy, as well as a strong enforcement mechanism.

Treasury Secretary Steven Mnuchin in a CNBC interview that followed Kudlow¡¯s remarks echoed the more cautious tone from Lighthizer, saying ¡°the deal is not done yet but we¡¯ve made a lot progress.¡± He rejected any suggestion that the administration was divided in its approach to China, saying U.S. officials taking a united front in the negotiations.

The U.S. Trade Representative¡¯s office said Thursday it will publish a notice in the Federal Register indefinitely delaying the increase of tariffs on Chinese imports. Trump had previously planned to raise tariffs on March 1, but dropped the threat amid progress at the negotiating table after the most recent round of talks that ended on Sunday in Washington.

Related Stories
  • China's tough rhetoric leaves U.S. trade talks in limbo
  •     --Published:2019/21/5
  • China raises tariffs on U.S. exports as trade battle escalates
  •     --Published:2019/14/5
  • In Germany, auto suppliers downbeat as China-U.S. trade standoff escalates
  •     --Published:2019/10/5
  • U.S. hikes tariffs on China-made auto parts, other goods
  •     --Published:2019/10/5
  • U.S.-China trade war reroutes U.S. import flows
  •     --Published:2019/12/4
  • China will continue to suspend extra tariffs on U.S. vehicles, auto parts
  •     --Published:2019/2/4
  • BMW plan to export EVs from China on hold amid trade talks
  •     --Published:2019/8/3
  • U.S., China near deal that could end most American tariffs
  •     --Published:2019/5/3
  • Trump, citing progress in talks, delays tariff hikes on Chinese goods
  •     --Published:2019/26/2
  • Trump: March 1 deadline for China trade talks not 'magical'
  •     --Published:2019/22/2
  • China upbeat as U.S. trade talks resume
  •     --Published:2019/12/2
  • U.S., China launch high-level trade talks amid deep differences
  •     --Published:2019/1/2
  • Trade tensions will outlast Trump, China expert warns
  •     --Published:2019/22/1

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     


    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.