President Donald Trump wants a trade agreement with China but it must be "the right deal," White House economic advisor Larry Kudlow said Tuesday.

Kudlow's remarks came as markets attempted a recovery from Monday's deep sell-off, prompted by a sudden escalation in the US-China trade since last week.

"The president was not happy with the progress" of talks in Beijing earlier this month, Kudlow told CNBC. "The president is defending the American economy" against "a lot of unfair trading practices."

Trump on Thursday announced new tariffs on another $300 billion in Chinese imports and on Monday responded to a drop in value of the yuan by formally branding Beijing a currency manipulator. Beijing on Monday also said it was cutting off imports of US agricultural goods.

Kudlow said Trump "would like to continue negotiations, he would like to make a deal, it has to be the right deal for the United States."

After face-to-face meetings in Shanghai last week, US and Chinese officials are due to meet in Washington next month.

However, the deepening acrimony has convinced investors the chances of a near-term resolution to the battle are increasingly slim -- adding to worries the trade fight is exacerbating a global economic slowdown.

Since last year, the United States and China have exchanged punitive tariffs on more than $360 billion in two-way merchandise trade.

Should they take effect, the punitive import duties Trump announced last week would mean all goods trade between the world's top two economies is subject to tariffs in the year-long trade war.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

US designates China a 'currency manipulator' as trade war rages
Washington (AFP) Aug 5, 2019
The United States on Monday formally accused China of manipulating its currency, marking the second major escalation in the two countries' spiraling trade war in just 24 hours. Washington's sudden move came the day China allowed the yuan to fall below 7 to the dollar for the first time in about a decade - provoking US President Donald Trump's ire and sending global equities markets diving into the red. Wall Street on Monday posted its worst one-day losses of 2019 as hope of any near-term resolu ... read more