Trump adviser Kudlow optimistic that boom times will continue

Trump adviser Kudlow optimistic that boom times will continue

The U.S. -China trade war is top of mind for investors, and after interviewing U.S. National Economic Council chief Larry Kudlow, CNBC's Jim Cramer is anxious it could get worse. The United States has raised the stakes in the dispute, threatening to slap 10 percent tariffs on an extra $200 billion worth of Chinese imports, including numerous consumer items.

Trump earlier this month imposed 25% tariffs on US$34 billion of Chinese goods, with another US$16 billion to follow soon.

"We have confidence and enough capabilities to safeguard our legitimate interests, and make joint efforts with other countries to maintain global rules and the multilateral trading system", Hua said. The administration said that the tariffs were necessary to punish China for their theft of United States intellectual property and force the government to reform their economic practices.

"It [the U.S.] has brazenly abandoned bilateral consensus and insisted on fighting a trade war with China, forcing us to take countermeasures", Chinese ambassador Cui Tiankai argued in an op-ed published by USA Today.

"The president [Trump], is so dissatisfied with China on these so called talks, that he is keeping the pressure on and I support that".

Mr. Kudlow said the current administration is trying to pull America out of the "growth recession" it has been mired in since at least the Y 2008 financial crisis.

"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. Which we don't want to use, but we have tremendous powers", Trump said. "I do not think President Xi, at the moment, has any intention of following through on the discussions we made".

Larry Kudlow, who heads the White House Economic Council, said separately at an investment forum in NY that he has been told that Juncker would be "bringing a very important free trade offer" to Trump on his visit. "We are waiting for him (Xi)".

Kudlow also said he expects European Commission President Jean-Claude Juncker to make a trade offer when he meets with Trump at the White House next week. He added that the ball is in President Xi's court.

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