WATCH: Larry Kudlow explains Trump’s China Strategy and Tariffs
Last week, Trump raised tariffs on $200 billion in Chinese goods. Beijing responded by raising tariffs (5% to 25%) on $60 million in American products.
According to recent reports, House Speaker Nancy Pelosi is meeting with top Trump trade official Robert Lighthizer. The timing’s interesting, given the current trade war with China.
House Majority Leader Steny Hoyer, House Ways and Means Committee Chairman Richard Neal and House Majority Whip James Clyburn will met with Lighthizer today as well. According to reports, they will “primarily address the president’s updates to the North American Free Trade Agreement but will likely discuss the widening trade war with China as well, according to the aide.”
The meeting comes as Pelosi and top House Democrats show reservations about approving an updated version of the North American Free Trade Agreement, which Trump has dubbed the United States Mexico Canada Agreement. They have expressed concerns about whether the deal has sufficient environmental and labor protections. They have also worried about whether certain provisions could increase drug costs.
The House speaker has said she has a good relationship with Lighthizer, who led the administration’s North American negotiations and heads its talks with China. The U.S. trade representative is seen as more aggressive on China trade policy than Treasury Secretary Steven Mnuchin.
This is certainly something to keep an eye on.