WASHINGTON: Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump's chief economic advisor said on Sunday .
World financial markets have been on edge amid a series of signs pointing to a slowing of the global economy - notably because of the trade war between the world's two largest economies - and have been reacting to even the slightest new indicator.But Kudlow insisted that the outlook was far from gloomy."Let's not be afraid of optimism," he said, adding that"I sure don't see a recession.
The discussions resumed again in June at the highest levels in the margins of the G-20 summit meeting in Osaka, Japan between Trump and his Chinese counterpart Xi Jinping.But markets were hit with a fresh surprise when Trump suddenly announced that as of Sep 1 he was imposing punitive 10 per cent tariffs on US$300 billion in Chinese goods that had so far been spared.
He said Trump had decided on the postponement only after several company heads told him their contracts with Chinese suppliers were denominated in dollars, meaning they got no benefit from the weakening of the Chinese yuan and their orders ahead of the year-end holidays would be hard-hit.
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