• Tuesday, October 23, 2018
  • 84°

Business Breaking

U.S., Chinese officials try to head off trade war

  • ASSOCIATED PRESS

    President Donald Trump listens during a meeting in the Cabinet Room of the White House today.

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WASHINGTON >> The White House says Treasury Secretary Steven Mnuchin will lead talks Thursday and Friday with Chinese Vice Premier Liu He aimed at heading off a trade war between the world’s two biggest economies.

Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, White House economic adviser Larry Kudlow and trade advisers Peter Navarro and Everett Eissenstat will also participate.

The Trump administration has proposed tariffs on up to $150 billion in Chinese products to punish Beijing for forcing American companies to turn over technology in exchange for access to the Chinese market. China has counterpunched by targeting $50 billion in U.S. products.

Neither country has imposed the tariffs. Liu’s visit to Washington is meant to defuse the conflict.

Trump said earlier today there has been “no folding” in his negotiations as he addresses his efforts to help a Chinese telecommunications company that violated U.S. sanctions.

Trump tweeted: “Nothing has happened with ZTE except as it pertains to the larger trade deal.”

He added that, “We have not seen China’s demands yet.”

He also said, “There has been no folding as the media would love people to believe.”

Trump tweeted his support for ZTE earlier this week, putting the president at odds with the Commerce Department and its decision to impose trade restrictions on the company amid allegations it violated U.S. sanctions.

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