The United States is not seeking a trade war with China and top USA officials are looking to make a deal with Beijing, White House economic adviser Larry Kudlow said on Tuesday as talks between the two nations were set to resume.
Chinese negotiators who were holding trade talks with U.S. counterparts in Beijing in late April, asked the United States to hear ZTE's appeal, and take into account the company's efforts to improve its compliance, and amend the ban.
Kudlow, speaking in a live interview with Politico news outlet, said he backed U.S. Treasury Secretary Steven Mnuchin's efforts to reach an agreement with Beijing and that both countries must take action.
Negotiators from the USA and China are scheduled to meet in Washington on Monday, where, after months of trade tensions, Beijing is said to be open to purchasing a wider array of US goods and services. "Free and open trade, I think that's the solution". President Trump made a campaign promise to battle the U.S.'s trade imbalance with China and he has certainly been ratcheting up the pressure on America's biggest trading partner in recent months.
The quickest way to combat the trade imbalance is with tariffs, but the danger of USA imposed tariffs is that China, among other countries, will react with their own tariffs, which will in turn spark an all-out trade war that threatens the health of the global economy. Officials from Beijing are expected to arrive in D.C. armed with a list of items they will offer to import from the U.S.to meet that goal, The Wall Street Journal reported.
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Trump has long-promised to crack down on China and raised concerns about an all-out trade war after threatening $150 billion in tariffs and prompting China to retaliate.
This week's meetings follow U.S. Commerce Secretary Wilbur Ross said much the same on Monday.
It is no secret that the US has a huge trade deficit with China.
President Donald Trump has stepped into the row surrounding the seven year ban on United States companies supplying Chinese telecommunications maker ZTE with software and components.
In March, Washington introduced a 25 per cent tariff on imported steel and a 10-per cent tariff on imported aluminium.
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"The Chinese have said 'we want to see the specifics.' We gave them all the specifics in terms of trade issues".
"We're still very far apart", he said.
"The Company and related parties are actively communicating with the relevant United States government departments in order to facilitate the modification or reversal of the Denial Order by the USA government and forge a positive outcome in the development of the matters", said ZTE.
Increasing U.S. exports of liquefied natural gas could also be an area where the two countries could agree, he said.
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