Published: Tue, May 15, 2018
World News | By Laverne Osborne

Kudlow: US 'Looking for a Deal' With China on Trade

Kudlow: US 'Looking for a Deal' With China on Trade

Meanwhile, the National Retail Federation expressed concern that the two countries' trade dispute would harm the USA economy.

But he offered an olive branch in calling on US officials to revisit penalties for Chinese company ZTE Corp. for flouting USA sanctions on trade with Iran and North Korea.

Trump, who has taken a hard line on trade and technology issues with Beijing, tweeted that he and Chinese leader Xi Jinping "are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast".

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.

ZTE announced last week the US sanctions would force it to curtail major operations.

An even higher-stakes fight looms over American allegations that China steals technology and forces US companies to hand over trade secrets in exchange for access to the Chinese market.

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Cargill's comments come as the US Ambassador to China, Terry Branstad, said the US and China are still "very far apart" on resolving trade frictions.

US President, Donald Trump, on Tuesday said trade negotiations are still underway with China and to "stay tuned".

"The United States and China are the two biggest economies in the world". Last month, the U.S. Commerce Department banned it from buying U.S. technology or components for seven years after it misled regulators by failing to discipline employees involved in illegal exports and instead paid them bonuses. USA companies that export to China have seen their goods held up at China's ports amid tougher inspections.

Despite the USA ban, the Washington Free Beacon has reported that ZTE was selling equipment to the Pentagon and Homeland Security Department. -China trade talks in Beijing earlier this month where the two countries failed to reach an agreement on the long list of US demands. Trump appears willing to negotiate, and just over the weekend announced his intention to help Chinese electronics maker ZTE, which was on the brink of collapse after US imposed penalties on it last month for breaking sanctions against Iran and North Korea. Both sides had been expected to dig in for a fight over their trade imbalance at this week's talks.

As part of this, they also entered into an agreement with the United States government.

ENERGY: Benchmark U.S. crude oil inched up 1 cent to $70.97 a barrel.

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