Larry Kudlow:
We expect China’s auto tariffs to go to ‘zero’
After signing the trade deal that will replace NAFTA at
the
G20 Summit in Argentina last week, President Trump held
breakthrough talks with Chinese President Xi Jinping that
could reshape
American trade for a generation.
“President Xi and I want this deal to happen,
“President Xi and I want this deal to happen,
” President Trump tweeted today.
As part of Saturday’s meeting, China has agreed to
start purchasing agricultural product from U.S. farmers immediately.
Another huge point of concern for President Trump is Chinese auto
tariffs on American cars, currently set at a staggering 40 percent. That
topic was a key point of discussion during the two leaders’ working
dinner.
Larry Kudlow, Director of the National Economic Council,
As part of Saturday’s meeting, China has agreed to
start purchasing agricultural product from U.S. farmers immediately.
Another huge point of concern for President Trump is Chinese auto
tariffs on American cars, currently set at a staggering 40 percent. That
topic was a key point of discussion during the two leaders’ working
dinner.Larry Kudlow, Director of the National Economic Council,
said that while a specific deal would need to be negotiated,
Presidents Trump and Xi reached an “understanding”
in Argentina that
China’s 40 percent tariffs would soon disappear.
“We expect those
tariffs to go to zero,” Kudlow said—adding that America will know soon
whether China is serious about an agreement.
President Donald J. Trump Champions Economic Growth and Prosperity at the G20 Summit
PROMOTING GROWTH AND PROSPERITY: President Donald J. Trump championed the successes of his pro-growth agenda at this year’s G20 Summit.- President Trump used the G20 Summit as an opportunity to reiterate his commitment to promoting economic growth and prosperity both domestically and across the world.
- At the G20, President Trump highlighted the Administration’s
successes in achieving historic tax cuts, cutting regulations, and
promoting workforce development.
- President Trump’s economic policies have resulted in the United States seeing historically low unemployment and strong economic growth.
- The President encouraged other countries to follow this path to promote economic growth and prosperity for citizens worldwide.
- President Trump urged leaders to invest in job training and workforce reskilling to meet the needs of high-demand industries.
- President Trump also addressed the need to promote economic opportunities for women around the world.
- President Trump seeks to advance a global economic system that is based on fair economic competition and free, fair, and reciprocal trade.
- The President is working with other leaders to fight unfair trade practices.
- At the Summit, the President officially signed the United
States–Mexico–Canada Agreement (USMCA) – the largest, most advanced, and
most balanced trade deal in our history.
- Once implemented, the USMCA will replace the North American Free Trade Agreement (NAFTA).
- The Agreement will make North America the most competitive free, fair, and reciprocal trading bloc in the world.
- In addition, President Trump met with many world leaders about securing fair market access for United States goods and services through bilateral trade deals.
- President Trump understands that modern infrastructure is a critical component of achieving economic growth.
- During the G20, the President highlighted the need for transparent and accountable infrastructure finance.
- Such finance will support the development of high-standard, quality infrastructure that does not deepen the debt of developing countries.
- Last month, President Trump signed the BUILD Act to reform, expand, and modernize our country’s development finance tools to spur private-sector led development.
- The President also secured G20 recognition of the role all sources of energy play in economic growth, energy security, and energy access, while supporting a healthy environment.
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