The Trump administration’s top economic adviser pushed back on speculation that the president is ready to soften his stance on China, saying that the US is operating from a position of “economic strength.”
“The USA is growing rapidly. The tax cuts, the deregulation rollback, the trade reform … we are growing. The Atlanta Federal Reserve is suggesting we may get near 5% growth in the second quarter,” Larry Kudlow, the director of the National Economic Council, said in a televised interview on Wednesday.
“That gives us the strength. China’s economy is not doing well. They are slowing down by many, many measures. Half of that economy is state-run enterprises that are losing money daily. Half of that economy is being financed by state-run banks who are issuing a couple of trillion dollars of non-performing loans. That’s a business and economic model which is not durable,” said Kudlow, who is seen as one of the trade doves in the White House and has advocated for a softer approach on trade.
“I believe China is operating from a greater position of weakness than folks think, and we are operating from a greater position of economic strength.”
The comments come ahead of a deadline of July 6 for a first round of tariffs on US$35 billion worth of intellectual-property-intensive Chinese goods to take effect. President Donald Trump has threatened that tariffs on a total of $250 billion in Chinese goods are on the table, should Beijing refuse to offer more than what it already has, which amounts to long-term contracts for US energy and agricultural goods.
The Trump administration has indicated that non-tariff barriers to investment in China, including pressure to transfer technology to local Chinese partners, along with industrial policies that grant subsidies to high-tech industries, are obstacles that need to be addressed.
Yeah perfect fit for Donald, no competency or expertise to address the issue directly, as plenty of experts have pointed out the mechanisms and possible ways to address the related issue directly, but of course as any incompetent swindler and weasle bully does goes for the easy route, drag other sectors with (perceived) relative strength into the issue to gain an advantage, not to establish a long term fundamental structural solution on the issue in question but simply wants to get a "win". which muddies the water, expands the issue and actually can make it even more complicated. This can work with little consequence on a personal level or even small institutional level, but lets see how it plays out on high stakes highly structural national and international level should we?
It a game of endurance, will power and patient for the long run to win. Does the US has that? I doubt.
That’s not what the Donald says. According to the orange wig, the US apparently already lost the trade war. So one of the two is lying…..
Ah, who am I kidding lol, they’re both of shit.
Half of that economy is being financed by state-run banks who are issuing a couple of trillion dollars of non-performing loans.
Isn’t that like the quantitative eassing in the US that basically gave free money to the Banks?
keep in mind where kudlow came from ! he is a wall street puppet made by them yrs ago to use as he is being used now.and unless i misguessed potus trump was told to appoint him as an advisor to legitimize the adm. programs .kudlow can lie with a straight face.
Ray Joseph Cormier, There is a big difference, China’s QE is to finance infrastructure building, investment in R&D, education, financing startups, etc. that are used to improve standard of living. But USA’s QE is to fatten the pockets of the Wall St. and other oligarchies. Why doesn’t the Americans do what the Chinese does? It is puzzling, perhaps the Americans have been brain washed by the 1% from cradle to grave with their toxic free market capitalism democracy obfuscation that they cannot think for themselves and they lost the capability to think independently.
Joe Wong Of course you’re right on that score, Joe. The US Social-Economic system is a Pyramid-Ponzi scheme. Like all Pryamid schemes, once the 1% sucked all the money up from the People at the base of the Pyramid, collapse is inevitable.
Kudlow is living in some delusionary, Alternate Facts/Universe, and they are living in relms of Projection onto others, what they are doing.
On September 13, 1976, The Kansas City Times publishes the 1st of 2 Public Records recording my Personal Voyage of Faith for Posterity.. If you could put yourself in my shoes 42 years ago, you also would have been surprised at what they published, including the Visions behind the letter the World can see unfolding in these Times with the Revelation of the details Day by Day.
“He came to town for the Republican National Convention and will stay until the election in November TO DO GOD’S BIDDING: To tell the world, from Kansas City, this country has been found wanting and its days are numbered […] He gestured toward a gleaming church dome. “The gold dome is the symbol of Babylon,” he said.” […] He wanted to bring to the Public’s attention an “idea being put out subtly and deceptively” by the government that we have to get prepared for a war with Russia.”
That 1976 FUTURE is NOW with the Revelation of the details GENERALLY unfolding in the spirit of the letter.
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