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May 13, 2019

U.S.-China Trade Talks End Without Deal, Increased Sanctions
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Trade talks between the United States and China ended Friday without a
deal as President Trump followed through on his threat and imposed a 25%
tariff on over $200 billion of Chinese goods and accused China of trying
to re-negotiate a deal. A U.S. trade representative said Friday that
Trump also planned to raise tariffs on the $300 billion worth of
remaining Chinese imports. Both parties said talks will eventually
resume and White House economic adviser Larry Kudlow indicated Trump
could meet with President Xi Jinping at the G20 meetings in Japan next
month.

Meanwhile, in an interview with Fox News's Chris Wallace Sunday, Larry
Kudlow admitted U.S. companies and consumers will effectively end up
paying for the increased tariffs, contradicting a statement by Trump
last week that China would "mostly pay" for them.

Chris Wallace: "The president says that doesn't-that China, it pays the
tariffs, they may suffer consequences but it's U.S. businesses and U.S.
consumers who pay, correct?"

Larry Kudlow: "Yes, to some extent. Yes, I don't disagree with that."



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