Donald Trump and Xi Jinping
White House economic advisor Larry Kudlow confirmed Thursday that trade talks between the U.S. and China will resume later this month.
"Sometimes talks can produce better outcomes than expected,” Kudlow told CNBC in an interview. “Let's just see what happens.”
He said talks will be low-level and the Under Secretary of the Treasury Department for international affairs will act as lead.
The U.S. and China last held talks about trade relations and tariffs in May.
The United States on Thursday cautioned the Philippines against buying military equipment from Russia, saying it would not be helpful to their decades-long alliance.Affirming its commitment as Manila’s strongest defense ally, Assistant Secretary of Defense for Asian and Pacific Security Affairs Randall Schriver visited the country to meet with top Filipino defense and military officials."I think they should think very carefully about that," Schriver said as quoted by local media.Defense Chief Delfin Lorenzana last week revealed Manila’s plan to procure two submarines from Moscow.Facebook says it was 'too slow' to fight hate speech in Myanmar“If they were to proceed with purchasing major Russian equipment, I don’t think that it’s a helpful thing to the alliance, and ultimately, I think we can be a better partner than the Russians can be to the Philippines," he added.Schriver noted that the move does not only mean buying a capability but investing in a relationship."Finding U.S. platforms and U.S. solutions helps us continue our interoperability, helps us improve our ability to operate in all kinds of scenarios," he said.Washington also assured Manila of its support should conflict in the disputed South China Sea erupt.“We’ll be a good ally, and we’ll help the Philippines respond accordingly,” he said.He also commented on recent reports about a U.S. Navy plane flying above the South China Sea which was asked by the Chinese military to leave."We'll fly, sail and operate where international law allows," Schriver said."We'll not allow them to rewrite the rules of the road or change international law.”Aside from the South China Sea, Schriver’s discussions with Filipino officials included the bilateral defense and military relationship, counter-terrorism and the U.S.’ plan to support the modernization of the Armed Forces of the Philippines.
US warns Manila not to buy Russian military equipment
Economic relations between the world's two largest economies strained after U.S. President Donald Trump announced in March the imposition of tariffs on steel and aluminum imports.
The U.S. began imposing $34 billion tariffs on imports of Chinese goods in July, which was immediately matched by Beijing.
An additional $16 billion U.S. tariffs on China are scheduled to take effect next Thursday.
Foreign Minister Mevlüt Çavuşoğlu on Thursday reiterated his criticism of U.S.'s current political stance against Turkey."The U.S. does not know, it cannot see who its true friend is,” Çavuşoğlu told reporters during his closing speech at the 10th Ambassadors' Conference in the capital Ankara."We will never be happy with having issues with the U.S. We can easily solve problems with the U.S. but not with its current mindset," he said.Cavusoglu’s remarks came after U.S. President Donald Trump said Turkey "has not proven to be a good friend" during a Cabinet meeting Thursday."Turkey has not done any wrong to the U.S., not even once. When anyone faces any charges, regardless of the person’s citizenship, that person will have to go through the judicial process," he said.Albayrak says Turkey will come out of volatility stronger"We are not making a cowboy film. We are two great countries that need have good relations but we will learn to respect each other," Çavuşoğlu added.On Aug. 1 relations between Ankara and Washington nosedived when the U.S. imposed sanctions on two Turkish Cabinet ministers after Turkey refused to release an American pastor who faces terrorism-related charges in Turkey.Iraqi cleric urges support for Turkey amid row with USLast week, Trump ramped up his attack on Ankara by doubling tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.In response, Turkey raised tariffs on several U.S.-made goods, including alcohol and tobacco products and vehicles.Macron tells Erdoğan Turkey's economic stability important for FranceÇavuşoğlu also said that he will attend the informal meeting of EU Ministers of Foreign Affairs, also known as Gymnich, on Aug. 30 in Vienna.He added Turkey wants to develop relations with the EU, and that the country is "a part of the family".
US cannot see who its true friend is: Turkish FM
Trump, however, told CNBC late last month that he is ready to increase tariffs on Chinese goods to $500 billion.
The U.S. imported $505 billion in Chinese goods in 2017, while China imported $130 billion in American products, according to the Commerce Department.
After confirming the resume of trade talks, the three major indexes on Wall Street extended their daily gains.
The Dow Jones climbed to 25,594 points with 1.7 percent gain, while SP 500 reached 2,850 points with a 1.1 percent rise.
The Nasdaq was up 1 percent to as high as 7,849 points.
The Chinese yuan also gained 0.76 percent against the dollar on hopes trade talks would produce positive results.