U.S. Invites China to Renewed Trade Talks

Aug 17, 2018  | 3 min  | Ep4352

Earlier this week, President Trump tweeted this country was built on tariffs and that they are now leading us to great new trade deals. Many farmers have said they’re willing to wait out the trade skirmish while others are left wondering how long they can hold out.

John Torpy kicks off our coverage.

Tariff tensions between the world’s two largest trading partners eased a bit this week as negotiations between the U.S. and China are set to resume later this month.

White House Economic Advisor Larry Kudlow, who has been on the front lines of trade negotiations with China, was optimistic about the upcoming talks, praising them as a step in the right direction.

Larry Kudlow, White House Economic Advisor: "You know, my mantra is not talking, I mean, talking is always better than not talking. We haven't really had a sit down with them in quite some time at any level. So who knows. But it's gotta be a good thing."

 

The announcement comes on the heels of Kudlow’s report to President Trump on the current state of the Chinese economy.

Larry Kudlow, White House Economic Advisor: ”Business investments collapsing in China according to the numbers. Industrial production has fallen and now is plateauing at a low level. People are selling the currency, there may be some manipulation, but mostly I think investors are moving out of China because they don't like the economy and they're coming to the USA because they like our economy.”

 

Echoing President Trump’s sentiments, U.S. Ambassador to China Terry Branstad blasted Chinese officials for hurting their own economy.

Ambassador Terry Branstad, Ambassador to China:” Well, I think it's very unfair what the Chinese have done. Focusing on agriculture. You know they've not been fair in terms of their trading relationship for a long time. And so what we're trying to do is restore fairness and reciprocity.

We have a goal of doubling exports over the next five years and we're hoping that the Chinese will realize right now they're hurting their own consumers. Because the Chinese consumer wants safe reliable food and medicine. And they've had problems in both of those areas. And we have the ability to supply them with very safe reliable food.”

 

The American Farm Bureau Federation praised the invitation the White House extended to China.

Will Rodgers, American Farm Bureau Federation:” We are encouraged that discussions are set to resume between the US and China regarding trade concerns. We have been clear all along that we prefer negotiations to tariffs. It’s our hope that the talks will lead to the removal of tariffs that are impacting US agricultural exports and a better deal for everyone.”

 

Despite overtures of resolving the trade dispute, China launched a formal complaint with the World Trade Organization over U.S. tariffs on solar panels. The Chinese claim the 30 percent tax inappropriately helps U.S. manufacturers.

 

For Market to Market, I’m John Torpy Producer contact torpy@iptv.org

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