U.S. and Chinese officials will restart trade talks at the end of this week, but...
BEIJING/WASHINGTON - U.S. and Chinese officials will restart trade talks at the end of this week, but any agreement the world’s largest economies carve out is expected to be a superficial fix.
The conflict between the two countries could take a decade to resolve, White House economic advisor Larry Kudlow warned on Sept. 6. Yu Yongding, an influential former policy adviser to China’s central bank, told Reuters that China was in no rush to make a deal. “The ultimate result of talks must be the dropping of all tariffs,” said He Weiwen, senior fellow, Chongyang Institute for Financial Studies at Renmin University. “This is the baseline for China.” He is not optimistic about the talks’ prospects.
Democrats running against Trump aren’t likely to repair the China relationship if they take the White House in 2020. In a debate on Sept. 12, presidential candidates used terms like corruption and theft to discuss China’s trade practices. Additionally, the 2020 National Defense Authorization Act, or NDAA, could include provisions targeting China on issues ranging from technology transfers to the sale of synthetic opioids.Trump faces a worsening economy and recession fears at home, thanks in part to the tariffs he has enacted, but key constituencies have stood by him so far. U.S. executives in China say Beijing is miscalculating if it thinks the trade war will undermine Trump’s political support.
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