More from NEC Director Larry Kudlow

December 4, 2018
The White House

NEC Chairman Larry Kudlow, who was on the White House grounds on his way to attending a Dow Jones CEO Meeting, offered additional comments to the press regarding the recent G20 meetings  with President Trump and President Xi Jinping. “ I say this with respect and optimism” , with respect to President Xi’s willingness to to act of this agreement, “that President Xi said Yes without hesitation, and that’s the first yes I’ve heard in a while.”

Chairman Kudlow added, “ and another point, “ President Trump asked President Xi if the Chinese would reconsider the Qualcomm deal if it comes up again and President Xi said if it comes up again he said yes and he said it without hesitation”. But Kudlow added that, “two items like that doesn’t make a large trade deal but i just want to tell you that its the first Yes’s i’ve heard, and I think it does reflect the relationship between the two presidents and it does reflect the more positive nature of these talks. I think its a great omen.”

In response to a question about his meeting with Steven Schwartzman and why the President would want him to attend Kudlow responded, “ we may talk about a lot of subjects that may impact China and one of the topics is Artificial Intelligence, AI is going to be on the list, its a very big deal, how fast China is growing and how fast the U.S. is growing”.

Chairman Kudlow referred to himself as a Schumpeterian when it comes to economics. Offering an early morning history lesson on economics, Kudlow referred to the  philosophy of Austrian Economist Joseph Schempeter’s classic book “Capitalism, Socialism, and Democracy” who describes that “ The Gales of Creative Destruction” described entreprenurship as the best model for economics,  that things change, the new replace the old, and innovation is critical”. Kudlow also mentioned that he suggested using the Schumpeter model at the 5G, AI Conference. Kudlow stated that the Schumpeter Entrepreneurial Business Model, has a very positive effect in his opinion. “That’s why we have the best technological innovation and best technological apparatus in the world”.

Chairman Kudlow acknowledged his meeting today with European auto makers but declined to comment about it. When asked how he expects talks will progress with China he responded, “ I don’t think they (Trump and Xi) will meet again (within the 90 days) but said its possible”, but added, “ I think phone calls will probably be more important. I can’t say specifically but I think the two teams will be meeting, we have much work to do, but we don’ know when”.

Lastly, Kudlow added, “ Bob Lighthiser is the best guy in the business for this. We have to make sure that there is enforcement on any so called agreement, that is so imprtant. I don’t want to throw a damper into this, but China has discussed these things with the U.S. throughout the years and the results have not been very good. So this time around I am hopeful, we are covering more groundwork than ever, they are more cooperative than ever, I am sure the team will be meeting”.

Story by Louisa @ The GoldFish Report