Huawei arrest and US-China trade truce, Larry Kudlow weighs in

By ChinaFOXBusiness

Larry Kudlow concerned about upcoming congressional battles

National Economic Council Director Larry Kudlow discusses the arrest of Huawei CFO Meng Wanzhou, the Federal Reserve’s rate hikes and the White House tech summit.

Top White House economic adviser Larry Kudlow told FOX Business that President Trump is focused on trade talks with China and is aware of the situation surrounding the arrest of a top executive from China telecom giant Huawei.

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"I’m sure I’m not privy to the law enforcement action. We’re certainly in deep discussion on the trade actions – I really don’t think one cancels out the other,” Kudlow told Stuart Varney.

Huawei Chief Financial Officer Meng Wanzhou was arrested in Canada on Saturday at the same time that Trump and China President Xi Jinping met on the sidelines of the G20 Summit in Buenos Aires, to discuss a trade truce.

Trump’s national security advisor John Bolton on Thursday told National Public Radio that he knew of the arrest. However, Kudlow said Trump had no knowledge of the arrest during Friday’s interview on FOX Business.

“President Trump did not know—none of us knew as a matter of fact… period full stop,” he said.

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Fears that the detention of Huawei’s CFO may derail the already divisive trade talks between the United States and China is contributing to high volatility for the U.S. stock market this week.  The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite dipped back into negative territory for 2018.