White House denies reports of canceled trade meeting

White House economic adviser Larry Kudlow

White House economic adviser Larry Kudlow

White House economic advisor Larry Kudlow helped stocks pare some losses on Tuesday, denying a report that the Trump administration had canceled vice-ministerial trade talks that were expected this week.

In the wake of a CNBC story that reported on the canceled meeting, Kudlow - a former CNBC host - appeared on the network and said the story is false.

USA officials canceled this week's face-to-face meetings with the two vice ministers because of lack of progress on reforms, including forced technology transfers, the report said.

"We are moving towards negotiations".

The Financial Times also referred to the preparatory meeting as having been canceled.

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Kudlow said Liu and his top deputy will come to Washington this month and that there's "no cancellation".

The US Treasury Department and Office of the US Trade Representative did not immediately respond to requests for comment.

President Donald Trump and Chinese President Xi Jinping met on December 1 at the G20 summit in Argentina where they agreed to a temporary tariff truce and a 90-day period of focused trade talks.

The impasse, along with the USA demands that China scale back state subsidies have lurked below the surface even as the two sides have made progress on addressing the bilateral trade deficit through increased Chinese purchases of U.S. agriculture and energy goods.

"China posts slowest economic numbers since 1990 due to US trade tensions and new policies", Trump wrote on Twitter on Jan 21. "Makes so much sense for China to finally do a Real Deal, and stop playing around!"

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