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U.S. 'looking for a deal' with China on trade - White House adviser

Reuters  |  WASHINGTON/TOKYO 

By and Leika Kihara

WASHINGTON/(Reuters) - The is seeking a trade deal with China, said on Tuesday as talks between the world's two economic powerhouses resume in this week.

Kudlow, speaking in a live interview with outlet, said he backed Steven Mnuchin's efforts to reach an agreement with and that both countries must take action.

"He is looking for a deal, I support him on that, wholeheartedly, assuming it's a good deal. He has my support," Kudlow said, adding that no agreement had been reached yet.

"Both sides should try to lower tariffs as much as possible ... and to take down non-barriers wherever they are," he told "Free and open trade, I think that's the solution. I think that's where we are as a group."

His comments come as U.S. Donald Trump's top trade and economic officials prepare to meet with Chinese to discuss concerns ranging from intellectual property protections to farm goods to

Trump has long-promised to crack down on and raised concerns about an all-out trade war after threatening to impose tariffs on up to $150 billion worth of imports from China, prompting to retaliate.

But he offered an olive branch in calling on U.S. officials to revisit penalties for Chinese company for flouting U.S. sanctions on trade with and

"Trade negotiations are continuing with They have been making hundreds of billions of dollars a year from the U.S., for many years. Stay tuned!" Trump tweeted on Tuesday.

Kudlow told that the was not looking for a trade war with and that it was not clear what action the would take toward ZTE.

This week's meetings follow U.S.-China trade talks in earlier this month where the two countries failed to reach an agreement on the long list of U.S. demands.

China's official agency said on Wednesday that Liu and a delegation including Yi Gang, the Jizhe and other officials arrived in on Tuesday.

U.S. to China Terry Branstad, who was at the Beijing talks, said earlier on Tuesday the United States wants a timetable on how China will open up its markets to U.S. exports as the two countries are still not close to resolving trade frictions.

"VERY FAR APART"

and Beijing have proposed tens of billions of dollars in tit-for-tat tariffs, fanning worries of a full-blown trade war that could disrupt supply chains and dent business investment plans, weighing on the global economy.

Branstad, speaking at a conference in Tokyo, said the Chinese appeared "taken back" by the significance of the list.

"The Chinese have said 'we want to see the specifics.' We gave them all the specifics in terms of trade issues. So they can't say they don't know what we're asking for," he said.

Branstad said China has not met pledges to open up its insurance and financial services area, as well as reduce auto tariffs, and that Trump would like to see a "dramatic increase" in to China.

"We're still very far apart," he said.

Branstad said the United States could change the "Section 301" tariffs if China opened its agriculture and auto markets.

Increasing U.S. exports of liquefied could also be an area where the two countries could agree, he said.

"The United States and China are the two biggest economies in the world. The more we can work things out, the better it's going to be not just for U.S. and China, but for the entire world economy," he said.

(Reporting by in Tokyo, and and Doina Chiacu in Washington; Editing by Chris Gallagher, Darren Schuettler, & Kim Coghill)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 16:17 IST
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