WASHINGTON - White House economic adviser Larry Kudlow said Sunday resumption of trade talks between the U.S. and China "is a very big deal," but acknowledged there is no immediate prospect for an agreement between the world's two largest economies.
"The talks will go on for quite some time," Kudlow told the Fox News Sunday interview show.
He said the countries had reached agreement on 90 percent of a new deal by early May, before talks broke down in what has turned out to be a seven-week stalemate. U.S. President Donald Trump and Chinese President Xi Jinping agreed Saturday on the sidelines of the Group of 20 economic summit in Japan to restart negotiations.
But Kudlow assessed that "the last 10 percent could be the toughest," with such unresolved issues as cyberattacks, Chinese demands that U.S. companies turn over proprietary technology they use, Chinese government support for its companies and the sale of U.S. technology components to the giant Chinese multinational technology giant Huawei.
Trump agreed in his meeting with Xi to ease sales of some U.S.-made components to Huawei, a policy change that some of Trump's Republican colleagues in the U.S. disagree with because they contend that Huawei can insert Chinese intelligence eavesdropping chips in their consumer products sold overseas. Sen. Marco Rubio of Florida called it a "catastrophic mistake."
Kudlow said he realizes "there are national security concerns" with sales to Huawei. "We will look at this carefully," Kudlow said, adding that Trump's easing of sales of components to Huawei "is not a general amnesty."
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