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White House adviser plays down expectations for U.S.-China talks

EconomySep 10, 2019 08:11PM ET
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© Reuters. White House trade adviser Peter Navarro listens to a news conference outside of the West Wing of the White House

By David Lawder and Susan Heavey

WASHINGTON (Reuters) - A senior White House adviser tamped down expectations on Tuesday for the next rounds of U.S.-China trade talks, urging investors, businesses and the public to be patient about resolving the two-year trade dispute between the world's two largest economies.

"If we're going to get a great result, we really have to let the process take its course," Peter Navarro said on CNBC.

U.S. President Donald Trump's administration is seeking sweeping changes to China's policies and practices on intellectual property protection, the forced transfer of U.S. technology to Chinese firms, American companies' access to China's markets and industrial subsidies.

Trump has imposed stiff tariffs on Chinese imports that have roiled global markets. China has retaliated with its own duties.

Chinese trade deputies are expected to meet with their U.S. counterparts in mid-September in Washington before minister-level meetings in early October in the U.S. capital, involving Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

U.S. tariffs of 15% on about $125 billion worth of goods took effect on Sept. 1, and tariffs on virtually all remaining Chinese imports, including cellphones and laptop computers, are scheduled to take effect on Dec. 15. Tariffs on $250 billion worth of goods are due to rise by 5 percentage points to 30% on Oct. 1.

Navarro said the tariffs were "working beautifully."

"People need to understand this: the tariffs on China are our best defense against China's economic aggression and best insurance policy - this is important - the best insurance policy that China will continue to negotiate in good faith," he said.

The South China Morning Post reported https:// citing an unidentified source, that China was expected to buy more agricultural products in hopes of a better trade deal with the United States.

American and Chinese trade officials would discuss a deal based on a draft text that was negotiated in April before the talks broke down in May, the Hong Kong-based newspaper said.

The U.S. Chamber of Commerce called for a high-standard comprehensive agreement to lift the uncertainty.

"The time is now to strike a deal that addresses the U.S.'s legitimate concerns about market access, forced technology transfer, subsidies, and digital trade, while concurrently removing punitive and retaliatory tariffs," U.S. Chamber international affairs director Myron Brilliant said in remarks to an audience in Beijing.

"Without a truly effective agreement, we don’t see an alternative path to reestablishing bilateral economic stability," Brilliant added.

The U.S. Commerce Department on Tuesday levied preliminary anti-subsidy duties of 104% to 222% on Chinese-made ceramic tiles, a popular item in U.S. home improvement stores.

The Commerce finding that the tile exports were unfairly subsidized affects about $483 million worth of Chinese imports, which have already been hit with 25% tariffs.

White House adviser plays down expectations for U.S.-China talks
 

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Comments (15)
Michael Angelo
Michael Angelo Sep 10, 2019 7:23PM ET
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Consequences are real. The world will change the same that after ww2. How... We still don't know.
Brad Dover
Brad Dover Sep 10, 2019 10:13AM ET
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trade wars are easy to win
Hank Williams
Hank Williams Sep 10, 2019 10:09AM ET
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China trade is not near as big as it's been built up to be. It's actually about technology theft.
Jack Zhang
Jack_A Sep 10, 2019 10:09AM ET
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continue defamation without evidence?
Dexter dexter
Dexter dexter Sep 10, 2019 10:09AM ET
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what happened to blackberry anf china reverse engineering redberry? chinese copy all the time and right now there no recourse. chinese communist party wont punish them in vhina and us cant punish violators either.... if there is nothing then why dont they agree a court system outside china for punishing those who steal
Jack Zhang
Jack_A Sep 10, 2019 10:09AM ET
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Dexter dexter your statements spread rumors but nothing. Note that Blackberry is partnering with Chinese company TCL, do you think that Blackberry is stupid? It is grateful that China is more advanced than US in 5G, otherwise many rumormongers would claim that China stole US 5G (actually some already made such claims). The world can only develop by respecting and cooperating with each other, not defaming and against each other.
Hank Williams
Hank Williams Sep 10, 2019 9:58AM ET
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You have to feel a little for the dems. Still chasing their tail.
Jay King
Jay King Sep 10, 2019 9:50AM ET
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obviously october no trade agreement will be signed
Ng Zen ng
Ng Zen ng Sep 10, 2019 9:41AM ET
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This is world class business project, dont stress the two big boys. Both will win at the end of the movie. Long drama series
Tom OKray
Tom OKray Sep 10, 2019 9:31AM ET
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I'm sure Trump's plan is to announce a super trade deal around July or August 2020 just in time for the 2020 elections so he can make himself look like a hero just in time for the election. In the meantime he'll keep raising taraffs damaging the US economy and destroying US farm industry.
Me comment
Me comment Sep 10, 2019 9:31AM ET
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Spot on analysis, aor.
Brad Dover
Brad Dover Sep 10, 2019 9:31AM ET
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yes. trump is always was a huge conman. . . that ripped off anyone that got near him
Al Vlaj
alvlaj Sep 10, 2019 9:31AM ET
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- This man saved my life.  I was stabbed and he carried me all the way to hospital ...     - Who stabbed you?         -He did....
Timothy Yap
Timothy Yap Sep 10, 2019 9:29AM ET
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Chief taffif adviser, what happen to the trade war is ease to win...
Brian Kelly
Brian Kelly Sep 10, 2019 9:27AM ET
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we've been waiting 18 months. this great negotiator can't negotiate any deals. only pull us out of them, which takes no effort at all. a complete and total failure as a president
Zack Persie
Zack Persie Sep 10, 2019 9:23AM ET
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Well that just mean Trump & the gang just can't bend China to their whims & fancies & China is certainly not desperate for a deal, contrary to Trump's constant boasting in public.
Zoltan McVeigh
Zoltan McVeigh Sep 10, 2019 9:23AM ET
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As well China, can't bend the US to their will.
Bade Sahib
Bade Sahib Sep 10, 2019 9:13AM ET
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Maybe the Guy that will save the USA
Andrew carson
Andrew carson Sep 10, 2019 9:13AM ET
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In other words don't expect much or anything from these talks..
Ng Zen ng
Ng Zen ng Sep 10, 2019 9:12AM ET
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agreed, already two years. Big project , world project. We should let it takes is course rather then to stress the two countries big boy...
Thomas Matug
Thomas Matug Sep 10, 2019 8:46AM ET
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keep turning the screws
Benjamin McIntire
Benjamin McIntire Sep 10, 2019 8:44AM ET
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The tarrif czar.
Zoltan McVeigh
Zoltan McVeigh Sep 10, 2019 8:44AM ET
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Do you realize that the US trarrifs before this started were some of the lowest globally. The Chinese tariffs on US imported products were higher than tariffs paid to the US. We all seem to forget reality.
Me comment
Me comment Sep 10, 2019 8:44AM ET
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do you realize the trade balance with Chinaa has gotten worse since the tariffs started, the US consumer relies on China goods. US CAN'T AND WON'T produce the goods China does at reasonable prices. China simple will trade with other countries for it's needs leaving the US in worse shape then before tariffs started.
 
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