US, China trade tensions hurting consumers, economy: Former Microsoft executive
Former Microsoft COO Bob Herbold told FOX Business Monday he wants to see faster progress between the U.S. and China over trade given the negative impact it already has had on consumers and businesses.
"From someone who has spent their entire career in industry, you try to work these things out quickly before they fester and what is happening in the U.S. is that this is really festering," Herbold told Neil Cavuto on "Cavuto: Coast-to-Coast."
Herbold characterized the ongoing trade tensions between U.S. and China as "an arm wrestling match that keeps going on and on."
"Both sides don't want to lose face and consequently, you're seeing the classic behavior of two major players here who won't give in. What's a shame is that they can't get together privately and work this thing out," Herbold said.
Trade sources told FOX Business Monday the Chinese are looking at pulling back some of the concessions made during trade talks last week. Chinese Foreign Ministry spokesperson Geng Shuang told Chinese media Monday "the top priority now is that the U.S. and China could work together and meet each other halfway to make a consensus based on mutual respect that benefits both.”
Herbold also said that while it may be an issue to have China comply with whatever trade deal is done, China is doing some things "very well."
"China is holding up their R&D and technology strength, especially in the science and technology areas, very robustly. So they are a major threat to us right now in terms of these areas," he said.
Chinese Vice Premier Liu He was supposed to leave China yesterday for trade talks in Washington, but it is now unclear whether he or any member of the Chinese trade delegation may be traveling to Washington this week for planned trade talks.
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President Trump tweeted Monday morning that "The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!"