President Donald Trump will not agree to any new trade deal unless China agrees to make substantive changes to the way it does business, according to a new report Tuesday.
Citing White House advisers, Reuters reported that China’s offering to buy more American goods is not enough to resolve the trade war, and structural reforms — including how it handles intellectual property — are necessary.
“The president’s said many times how crucial that is, and he’s not going to back down,” Trump’s top economic adviser, Larry Kudlow, told Reuters.
The world’s two biggest economies are facing a March 1 deadline to settle their trade differences before Trump raises tariffs on $200 billion of Chinese goods from 15% to 25%.
The two sides are next scheduled to meet next week.
Separately, Kudlow on Tuesday denied a report that the U.S. had canceled a planning meeting before those talks due to differences over intellectual property rules. “The story is not true, there was never a planned meeting,” Kudlow told CNBC.
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