Washington and Beijing continue to hold discussions to try to resolve the ongoing dispute over China's trade policies, the top White House economic adviser said Friday.
With financial markets and US businesses bracing for the possibility President Donald Trump could soon slap tariffs on another $200 billion in Chinese goods, economic adviser Larry Kudlow said he was hopeful a solution might be found.
"We're continuing the talks," Kudlow said on CNBC, adding that China would find itself "more isolated" if it resisted opening its markets.
"We are still talking with China on a number of issues.... We want lower barriers across the board," he said, but added Beijing had made some "missteps" and had not participated in the talks "with the kind of intensity I would like."
US and Chinese officials last met to try to defuse the trade tensions in mid-August but not at a senior level. Trump already has imposed tariffs on $50 billion in Chinese goods, as well as solar panels, washing machines and on steel and aluminum.
The deadline for public comment on the list of $200 billion in the cross hairs for tariffs expired Thursday, which means they could be announced at any time. That would mean 25 percent punitive duties on half the annual US imports from China.
Asked about the slowing Chinese economy and declining stock markets, Kudlow said he wanted the outcome to be "win-win" for both countries.
"The president's view is not to destroy the Chinese economy. We're not trying to put them out of business," he said, adding that China should join other economies by abiding by the rules of international trade "for the first time in some 20 odd years."