The United States and China want to resolve their trade dispute, private equity billionaire David Rubenstein predicted Tuesday on CNBC.
“I do think there will be a resolution before the end of the year,” said the co-founder and co-executive chairman of The Carlyle Group, even though talks to end the Washington-Beijing tariff war have stalled.
“I go to China a fair bit, and I talk to government officials there, and I obviously talk to government officials here. My view is both sides want a deal,” Rubenstein said in a “Squawk Box ” interview.
Rubenstein said believes President Donald Trump and Chinese President Xi Jinping will indeed meet at this month’s G-20 summit in Japan.
Last week, Trump told CNBC that if Xi does not attend the summit, the U.S. would impose additional tariffs on China. In the same interview, Trump also said he has “a great relationship” with Xi, adding that “he’s actually an incredible guy.”
On Monday, Commerce Secretary Wilbur Ross told CNBC’s Phil LeBeau at the Paris Air Show that Trump is “perfectly happy with continuing the tariff movements” against China if a trade deal cannot be reached. Ross’ comments echo those of Treasury Secretary Steven Mnuchin, who said last week the White House is unified on its plan in the event negotiations fall apart.
The Trump administration hiked tariff rates last month to 25% from 10% on $200 billion worth of Chinese imports into the U.S. The president has been threatening duties on another $300 billion worth of Chinese goods, essentially the rest of China’s imports.
Rubenstein served in President Jimmy Carter’s Democratic administration as deputy assistant for domestic policy from 1977 to 1981. After leaving the White House and before starting Carlyle, Rubenstein practiced law in Washington.
Rubenstein said Tuesday he’s out of politics and does not back any candidate. “I haven’t given money in 25 years,” he said.
CNBC’s before the bell news roundup
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