Trade negotiations between the U.S. and China will yield immediate results that will come even during the 90-day negotiation period ahead, National Economic Council director Larry Kudlow said Monday.
Tariffs on agriculture and energy products will be lowered while non-tariff barriers on American ownership of companies in China also will come down, Kudlow told the Fox Business Network. In addition, Kudlow expects progress on technology transfers and intellectual property.
“Those things should kick in soon. We should see palpable change on the Chinese side immediately,” he said. “I don’t want to be too specific, but I think the generic answer is we will see changes very quickly.”
The two sides announced over the weekend that they reached an agreement in which further tariff escalation would be halted during the 90-day negotiation period. Earlier in the day, Treasury Secretary Steven Mnuchin said he also is optimistic that a deal can be reached following months of tensions between Washington and Beijing.
President Donald Trump has set reducing the trade deficit with China and addressing issues over intellectual property and technology theft as a major priority. He has threatened to level tariffs against all Chinese imports, which have totaled $394.7 billion so far in 2018.
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