There is no deadline for resolving the Sino-US trade war, said White House economic advisor Larry Kudlow on Tuesday. But he said China ought to purchase U.S. soybeans and wheat as a sign of good faith while negotiations are under way.
Kudlow’s comments, made during a CNBC “Capital Exchange” interview, revived President Trump’s statement, after meeting President Xi Jinping in late June, that China would buy “a tremendous amount” of U.S. food and ag products “very soon.” There have been no sizable purchases since the leaders met on the sidelines of the G20 summit.
“President Xi is expected, we hope in return for our accommodations, to move immediately, quickly, while the talks are going on, on the agriculture,” said Kudlow. “It’s good faith.”
Asked about possible purchases, Kudlow said, “soybeans, wheat, energy possibly. That’s very important.”
During the interview, Kudlow said “there is no time limit” on negotiations. “We want a good deal.” Success is not assured, he said, but he was optimistic. “The two leaders have agreed to resume talks. That’s the big deal.”
U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke by telephone to Chinese vice premier Liu He and Commerce Minister Zhong Shan on Tuesday. CNBC quoted a US official as saying “both sides will continue these talks as appropriate.”
To watch a CNBC video of Kudlow, click here.