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Trump Adviser Larry Kudlow Says GDP Could Hit 4%

21 July 2018

European Commission President Jean-Claude Juncker is due to meet with Trump in Washington July 25 and "I'm told he's bringing a very important free trade offer ... that could lower barriers", Kudlow said.

Trump has demanded that the European Union cut its 10 percent tariffs in auto imports at a time when his administration is conducting a national security study that could result in a 25 percent US tariff on imported vehicles.

The economy was spurred by Trump's regulation cuts and tax cuts and the expected GDP growth around 3 percent this year "may be the beginning of the recovery", Kudlow said.

These officials include Xi's top economic adviser Liu He, Kudlow said, but Xi has refused to make changes to China's technology transfer and other trade policies.

"I think he [Xi] needs to move", Mr. Kudlow said during an interview with CNBC's Jim Cramer about stalled negotiations.

"We are waiting for [Jinping]", Kudlow said.

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The United States and China this month slapped tariffs on US$34 billion (S$47 billion) of each other's imports in an escalating trade tussle that has roiled financial markets. "The ball is in his court".

Experts say Kudlow's remarks indicate that the trade row may be prolonged.

"I do not think President Xi has any intention of following through on any of the discussions we've made and I think the President is so dissatisfied with China on these so-called talks that he is keeping the pressure on and I support that."

U.S. President Donald Trump has threatened further tariffs unless Beijing agrees to change its intellectual property practices and high-technology industrial subsidy plans.

Kudlow said China could end USA tariffs "this afternoon" if it took measures that include cutting tariff and non-tariff barriers to imports.

The administration has also released a list of 10 per cent tariffs on an additional US$200 billion of Chinese goods, which could take effect as early as next month. On the note of trade, Kudlow said he wasn't a fan of blanket tariffs, reiterating his standard position on trade and tariffs.

Trump Adviser Larry Kudlow Says GDP Could Hit 4%