The United States expects China to act “immediately” on commitments made on trade and reforms at President Xi Jinping’s dinner meeting in Buenos Aires, President Trump’s chief economic advisor Larry Kudlow said.
“That is my understanding and hopefully we’ll see some ‘immediate’ action,” Mr Kudlow, Director of the President’s National Economic Council, told journalists in a conference call on Monday (Dec 3).
One expectation based on meetings with China’s economic czar, Vice Premier Liu He, at Buenos Aires, was that China will slash tariffs on American automobiles, and roll back its retaliatory tariffs on American agriculture imports.
“My expectation is that China will roll back those tariffs quickly,” Mr Kudlow said.
On Sunday night upon his return from Argentina, President Trump tweeted : “China has agreed to reduce and remove tariffs on cars coming into China from the US. Currently the tariff is 40%.”
“That is my understanding, I believe that commitment was made,” Mr Kudlow said. “This is an area where that word “immediately” comes in. Let’s get rolling folks. Today’s Monday, dinner was Saturday, feel free to make important steps to give more credibility.”
He also clarified that the 90-day negotiation window to reach an agreement with China on trade and reforms, agreed on at Buenos Aires, begins not now but on Jan 1.