White House's Kudlow blames China's Xi for blocking U.S. trade deal

China Blaming Xi for US trade war is ‘shocking

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Trump has also announced 10 percent tariffs on an additional $200 billion of Chinese products that could be imposed as early as next month.

Griffin and the other investors sounded a nervous message on US trade policies as many big investment firms this month prepare to release quarterly earnings reports that could eventually be impacted by the growing friction.

She reiterated that China does not want a trade war but is not afraid of one.

The economy was spurred by Trump's regulation cuts and tax cuts and the expected GDP growth around 3 percent this year "may be the beginning of the recovery", Kudlow said.

The money managers all spoke at the conference on Wednesday, two days after Laurence Fink, who runs $6.3 trillion investment firm BlackRock, warned that deepening trade friction could sufficiently unnerve investors to send markets tumbling as much as 15 percent.

Larry Kudlow, economic adviser to President Donald Trump, said additional pro-growth measures could be coming soon, which could deliver a further jolt to the US economy.

But big differences remain over trade, he said.

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"They're going to be coming on July 25th to negotiate with us". China could end the USA tariffs by providing a more satisfactory approach.

Asked whether the administration is considering more tax legislation following the cuts passed late previous year, Mr. Kudlow said there could be a tax reform "2.0 and 3.0 and a 4.0". "There is a collective self-interest to try and resolve this", he said.

"I have been a long-term critic of China", he said. Kudlow runs the National Economic Council.

Kudlow said talks between the two countries are now stalled. He has said in the Group of Seven and since -I mean, I was there fixing the communique-let's have no tariffs.

As for the trade talks, Kudlow doesn't think that President Xi has "any intention of following through with discussions".

"You've got kids, millennials ... who have never seen a full-fledged long-lasting prosperity", Kudlow said.

As for intellectual property rights (IPR), he says China has made major strides codifying its IPR protection legal system, including paying IPR royalties to foreign right holders, which he claims reached $28.6 billion in 2017. "So some of those ideas are circulating and I think will come to fruition".

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