During an interview with Fox News on early Friday in Asia, White House Economic Adviser Larry Kudlow said that US and Chinese officials had a productive call on Wednesday and he is still planning for the September meeting of the US-China diplomats.
Key quotes
- US and China officials had productive call Wednesday.
- Still planning for Chinese team to come to US in September.
- Looking at tax cuts to improve long-term growth of economy, not to deal with short-term weakness.
- Short-term payroll tax cut unlikely, but personal rates could be lowered.
- Could see some tax cuts before 2020 US election.
FX implications
Although the news failed to get any market reaction, as investors are highly concerned about the Jackson Hole Symposium, it can help receding fears of the global economic slowdown that have been dominating market sentiment off-late.
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