On Monday 3rd December, the White House economic advisor, Larry Kudlow told that United States is expecting immediate response from China regarding the trade commitments.
As China is entering a 90-day truce with current trade war against US, the White House seeking immediate response, would like to observe the tariff over US autos set to zero, as Larry Kudlow mentioned. On a call with the reporters, the White House Economic Advisor has said that the immediate action could involve, China reducing its 40% tariffs on US produced autos to zero.
He is also expecting that Beijing would soon roll back tariffs imposed on agricultural imports. In reference to the auto tariffs, Larry Kudlow said, “We expect those tariffs to fall to zero. ” Kudlow stated that the 90-day truce would be beginning from January 1st, however, as the China has pledged to lift the tariff barriers quickly, the 90-day truce clock would be counted from December 1st, as the White House corrected the remark.
Larry Kudlow commented to the reporters, “I’ve never heard that ‘immediately’ commitment before. Now, you ask me what that means specifically, all I can say is we’ll see. I presume it will include things like car tariffs and various transactions and agriculture industry, energy and so forth.
It could mean licensing, ownership. They are pretty close to some agreements on the IP (intellectual property) theft. And we’re pretty close to agreements on the forced transfer of technology. ” White House's interest over the auto industry tariff is quite obviously linked to GM motor’s production halt and 15,000 job cut, which is set to happen in near future, as a casualty of this ongoing trade war.