December 3, 2018
This morning National Economic Council Director Larry Kudlow gave an impromptu press briefing to answer questions regarding the G20 meeting in Argentina. First, Mr. Kudlow paid tribute and homage to George H.W. Bush who he remembered as "an old and personal friend." Mr. Kudlow stated that a team of individuals including Mr. Kudlow himself, Secretary Mnuchin and Ambassador Bob Lighthizer were involved in the negotiations but that he was not the main negotiator. He praised Ambassador Lighthizer stating that he "is a fabulous negotiator, and what is very important is enforcement mechanisms. Mr Kudlow stated that he and Secretary Mnuchin attended two meetings with Vice Premier Liu He prior to the dinner meeting and that China is ready to move "Immediately on the New Commitments".
Mr Kudlow continued," Ambassador Lighthiser is very good a this i.e., enforcement, monitoring and timetables to try to keep China on track. Literally they can start today. This is the furthest and most specific we have ever come". In a very positive and optimistic manner, Mr Kudlow stated President Xi has never been this involved". Consistent with what President Trump has always stated about his relationship with President Xi, Kudlow stated. "The Presentation Xi gave to President Trump was unbelievable and the chemistry between Xi and Trump is also amazing".
"President Xi has never been this specific and therefore is being very candid and truthful, we have heard things we have never heard before." Kudlow continued, "They can not slow walk this or stall this, but expect firming results. It was their word "Immediate".
The topics discussed were structural: Tariffs, Intellectual Property Theft, Cyber Security, and licensing issues. Mr Kudlow stated there were "a large number of transactions on energy and agriculture but added that these are private sector transactions not governmental. If they follow through and make America export, sales will boom with regard to China because we are the most competitive country in the world, we have the strongest economy".
When questioned about the 90 day implementation was incremental, Kudlow said this, " At the end of the 90 days they have to show significant progress. Look at it by topics, Tariff reduction, larger exports, larger purchases on their side, various technology issues, cyber security", Kudlow added, "President trump is very personally involved in the details, and why we are all so tired after all these meetings, level of detail never been better from them".
When questioned about China's level of commitment, Kudlow had this to say, " This is YUGE, President Xi has never been involved in that kind of detail, that's huge. At the dinner Xi gave the pitch for China, he was the policy man, not his aids, he was the detail guy. They were so well prepared and so was President Trump, the two of them, and we have come further than we have ever come before".
Mr. Kudlow stated that there weren't any non-negotiables,we have outlines in a number of key areas, nothing is off the table". And on a final point Kudlow said the amount we are dealing with is in the ballpark of over $1.2 Trillion Dollars and that will depend on things like consumer demand, reducing tariffs, structure change, and non-tariff licensing.
Story by Louisa @ The GoldFish Report
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