Things may be looking up for U.S.-China trade relations, which in turn will be Great for networking hardware colossus Cisco Systems, Chairman in addition to CEO Chuck Robbins told CNBC on Wednesday.
“We’re beginning to hear some positive sound bytes around This kind of,” Robbins told Jim Cramer in an exclusive “Mad Money” interview. “I’m optimistic which we’ll get to some resolution which will be Great for both in addition to truly allows us to continue This kind of global expansion of the economy which we’ve all been enjoying for the last few years.”
Robbins may have been referring to top White House economic advisor Larry Kudlow’s comments to CNBC’s David Faber on Tuesday, which confirmed reports which U.S. in addition to Chinese officials had restarted trade talks ahead of the G-20 summit at the end of the month. President Donald Trump in addition to Chinese President Xi Jinping are anticipated to meet at the summit.
“We’re moving ahead on trade discussions,” Kudlow said inside the interview.
Cisco’s CEO admitted which his company was affected by the Trump administration’s 10-percent tariffs on imports through China in its fiscal first quarter, reported after Wednesday’s closing bell.
“We implemented some cost increases, as we said we could, in addition to, frankly, we didn’t see any difference inside the momentum before we did which in addition to the momentum we saw after which inside the quarter,” Robbins told Cramer. “Obviously, we could prefer which the tariffs don’t get increased to 25 percent in January.”
Still, Robbins said his “belief all along has been which once we got through the midterms, which the administration could begin to truly focus on This kind of,” in addition to so far, which seems to be coming to fruition.
inside the meantime, Cisco will be delivering “consistent” growth as more in addition to more companies realize just how complicated the item will be to seamlessly in addition to securely shift their operations to the cloud, a process which will be currently fueling Cisco’s bottom line, the CEO said.
Shares of Cisco fell amid marketwide declines on Wednesday, however rose nearly 5 percent in after-hours trading following the earnings beat.