Trump says EU officials want to negotiate trade deal in Washington visit

Gladys Abbott
July 21, 2018

U.S. President Donald Trump is largely perceived on Wall Street as a pro-business leader but his hard-line stance on trade could jeopardize economic gains created by his tax cuts, investors said.

He also commented on the talks scheduled for next week between Trump and European Commission President Jean-Claude Juncker.

President Trump then proposed 10-percent tariffs on a list of $200 billion in Chinese products, which China responded to by filing a challenge with the World Trade Organization.

"They will not allow full American ownership ... you have to go and lay your entire blueprint on the table, including the technology, and they will have their experts present who'll open it right up".

As for intellectual property rights (IPR), he says China has made major strides codifying its IPR protection legal system, including paying IPR royalties to foreign right holders, which he claims reached $28.6 billion in 2017.

Trump has threatened to levy higher tariffs, as much as 25 percent on imported cars, and his Commerce secretary, Wilbur Ross, is conducting a study on whether vehicle and parts imports threaten national security.

Kudlow, director of the National Economic Council, sounded optimistic about the path of the USA economy.

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He said Juncker would bring a trade offer to Trump next week, but did not provide further details. Investors might reassess the profitability of USA companies that would be hurt by the tariffs, the speakers at the event said.

China on Wednesday said it was "shocking" for a US official to blame Chinese President Xi Jinping for escalating trade tensions between the two countries.

China could end US tariffs "this afternoon by providing a more satisfactory approach" and taking steps that other countries are also calling for, he said.

Kudlow added that while officials in the Chinese government seem to want a deal, Chinese President Xi Jinping himself is "holding the game up".

"There's no recession in sight", Mr. Kudlow said. "We are waiting for him (Xi)". The ball is in his court.

On July 6, US authorities placed $34 billion worth of tariffs on Chinese products after trade talks between the two nations reportedly ended without a settlement.

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