China’s financial-services industry could be opened further to U.S. companies as part of a wider bargain to ease trade tensions among the world’s two-largest economies, White House economic adviser Larry Kudlow said.
“I’ve heard privately in the discussions and the engagements between meetings that the Chinese are in fact very willing to open the door to a lot more financial services,” Kudlow said Monday in an interview on CNBC.
There is also potential for almost doubling American farming exports to China, Kudlow said in the interview. Exporters of technology, LNG and coal could also benefit from a commitment from China to increase purchases of American goods, he said.
China has promised to remove hurdles in the financial markets for foreign companies, and set a June deadline for allowing non-Chinese firms to own as much as 51 percent of their securities joint ventures, up from the current 49 percent ceiling.
The Trump administration announced on the weekend that it won’t impose tariffs on Chinese products for now, after the two nations made progress on trade issues during two days of talks in Washington. Trump had threatened to impose tariffs on as much as $150 billion in Chinese imports to punish Beijing for allegedly violating U.S. intellectual property rules. China vowed to retaliate with tariffs on everything from soybeans to airplanes.
Read on The Source