'Trade agreement with China does not collapse'
After Trump threatened to cut economic ties with China, White House economic adviser Larry Kudlow said the US-China trade agreement remained.
On Friday, National Economic Council Director and White House economic adviser Larry Kudlow said the US and China are still working hard to implement the first-phase trade agreement reached in the month. 1/2020. When asked whether the deal would collapse, he answered "Absolutely not".
Kudlow's reassuring statement came a day after US President Donald Trump expressed frustration with how China handled Covid-19 and could retaliate by cutting off economic ties with the country completely.
However, Mr. Kudlow confirmed that the trade agreement is still ongoing. He said that China is still trying to keep its commitment to increase the purchase of US agricultural products, manufactured products, energy and services by $ 200 billion in two years. "They can be a bit slow when buying goods. I think it has a lot to do with the current market and economic issues," he said.
White House economic adviser Larry Kudlow shared information with reporters on May 15. Photo: Reuters
White House economic adviser said Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer had successful talks with Chinese Vice Premier Liu He last week.
Tensions between the world's two largest economies have spiked in recent weeks, with many experts and officials fearing that the tough deal to be reached only after 18 months of trade war could collapse. broken.
Earlier this week, the Federal Retirement Savings Investment Committee, which manages billions of dollars in federal pensions, said it would indefinitely delay plans to invest in a number of Chinese companies that are being scrutinized by Washington. Investigate.
On Friday, the Department of Security and Industry (BIS) of the US Department of Commerce announced a plan to prevent Huawei from using U.S. technology and software to design and manufacture products for sale. guide abroad.
The Global Times quoted a Chinese official as saying that the country was ready to target Apple, Qualcomm, Cisco and Boeing corporations in retaliation for US restrictions on Huawei. The countermeasures could include putting the four companies on the "untrusted entity" list, opening investigations against them and even suspending aircraft purchases with Boeing.