FIRST AIRED: July 19, 2018

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Transcript

00:00:00
>> Are these alliances a low point?>> Bogus and shocking. That's what Beijing thinks of a claim by White House Economic Advisor Larry Kudlow who blames Chinese President Xi Jinping for blocking a US-China trade deal. Kudlow said on Wednesday, he believes lower ranks Chinese officials wanted a trade deal with the US, but that it was Xi that was blocking progress.
00:00:23
On Thursday, China's Foreign Ministry shot back.>> The relevant US official unexpectedly distorted the facts and made bogus accusations, it's beyond the imagination of ordinary people and it's shocking. The real facts cannot be fake and the fake can never be real.>> This month, the US slapped tariffs on $34 billion worth of Chinese imports and Beijing responded in kind soon after.
00:00:48
Just last week, US President Donald Trump threatened to ramped that up again with a new set tariffs on $200 billion worth of Chinese goods. The escalating trade conflict has roiled financial markets especially in China. And the Trump White House says it won't back down until Beijing changes its intellectual property practices, and plans to develop high tech industries that Trump says amounts to outright theft of US technology