China & US hit dead-end on trade, new tariffs will remain, says Kudlow

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China & US hit dead-end on trade, new tariffs will remain, says Kudlow

China and United States appeared to be tangled at a dreadful deadlock over their trade negotiations, as on Sunday, the 12th of May 2019, Washington had again demanded an entire reform of Chinese business policy for US firms, while Beijing had been quoted saying that they would not be swallowing anything which could harm its interests.

Latest leg of battle of quote emerged, after the trade war between the world’s first- and second-largest economies had escalated on Friday (May 10th) after US hiked tariff on $200 billion worth of Chinese imports. Besides, tensions had exacerbated further after Trump said at a campaign rally that Beijing “broke the deal”, labelling the Chinese team of delegates led by Vice Premiere Liu He as ‘traitors’.

On Sunday (May 12th), at a Fox News interview, the White House economic advisor, Larry Kudlow said that the stickiest of the trade talk had been China’s reluctance to impose a ‘strong structural reform’ to their laws.

Apart from that, during Sunday’s (May 12th) Fox News interview, Larry Kudlow had also added that the tariffs would remain on Chinese imports, while US trade negotiators would depart for next round of trade talk for Beijing, however, US Treasury Secretary Mnuchin said on Saturday (May 11th) that no decision had yet been made on next round of trade negotiations.

Meanwhile, China remained defiant, as its ruling Communist Party-owned People’s Daily said at a commentary due to be published on Monday (May 13th), “At no time will China forfeit the country’s respect, and no one should expect China to swallow bitter fruit that harms its core interests”.