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President Trump's chief economic advisor said the prospect of new trade talks with China is a sign of progress, but warned that given the high stakes, it would not be urgent to sign an agreement, even if it takes a decade.
The director of the National Economic Council, Larry Kudlow, a veteran of the Reagan administration, compared the scale and scope of the task to the struggle for the collapse of the Soviet Union.
"These are the kinds of things you are considering far-reaching consequences," he said on Friday. "I do not mean another year, I mean 50 or 100 years. So if it takes us longer to do that and to make sure we do it right, so be it. "
Kudlow, who spoke with reporters at the White House, warned against the judgment of the results on a short-term electoral calendar for 2020.
"I do not want to make a prediction, but the stakes are so high that we have to do things right," he said. "And if it takes a decade … so be it."
Markets strengthened this week after the revelation that Liu Hu, China's chief negotiator, spoke on Wednesday with Robert Lighthizer, US Trade Representative, and Secretary of the Treasury, Steven Mnuchin.
Kudlow said he expects officials to begin face-to-face talks a week or two ago. The directors, he said, will meet in October.
These high-level talks would be the first since July, when Trump advanced with new rates.
The talks, he added, were complicated by issues of national security, democracy and human rights.
The trade war is one of many issues that are raising uncertainty about the global economy and raising recession warnings.
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