White House adviser Navarro to Wall Street: Stay out of U.S.-China trade talks

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© Reuters. U.S. President Trump participates in a roundtable discussion about trade in Duluth, Minnesota© Reuters. U.S. President Trump participates in a roundtable discussion about trade in Duluth, Minnesota

By David Lawder

WASHINGTON (Reuters) – White House adviser Peter Navarro on Friday lashed out at efforts by current and former Wall Street executives to urge the United States and China to resolve their trade dispute, calling them “unregistered foreign agents” who were trying to pressure President Donald Trump into a deal.

“When these unpaid foreign agents engage in this kind of diplomacy, so-called diplomacy, all they do is weaken this president and his negotiating position. No good can come of this. If there is a deal, if and when there is a deal, it will be on President Donald J. Trump’s terms, not Wall Street terms,” Navarro said at the Center for Strategic and International Studies in Washington.

Trump is due to meet with Chinese President Xi Jinping in Buenos Aires, Argentina, at the end of November on the sidelines of a G20 leaders summit to discuss a possible way out of their deepening trade war.

In recent weeks, executives such as Blackstone Group (N:) Chief Executive Stephen Schwartzman and Henry Paulson, former U.S. Treasury Secretary and Goldman Sachs (N:) chairman, have met with officials on both sides to press for a resolution.

Paulson, in remarks in Singapore on Tuesday, warned of a new “economic Iron Curtain” being erected between the United States and China that will undo the benefits of globalization.

“Unless these broader and deeper issues are addressed, we are in for a long winter in U.S.-China relations,” Paulson told an economic forum.

Navarro said he believed such efforts by Wall Street were not needed by Trump and were counterproductive.

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