Stock Market News-Trade Deal vs No Trade Deal. Can The United States and China reach a trade deal?
U.S. President Donald Trump said on Wednesday that China “broke the deal” it had reached in trade talks with the United States, and vowed not to back down on imposing new tariffs on Chinese imports unless Beijing “stops cheating our workers.”
China has edited a nearly 150-page draft trade agreement that would blow up months of negotiations between the world’s two largest economy. The document was riddled with reversals by China that undermined core U.S. demands.
Lighthizer and U.S. Treasury Secretary Steven Mnuchin were taken aback at the extent of the changes in the draft. The two cabinet officials on Monday told reporters that Chinese backtracking had prompted Trump’s tariff order but did not provide details on the depth and breadth of the revisions.
Liu last week told Lighthizer and Mnuchin that they needed to trust China to fulfill its pledges through administrative and regulatory changes, two of the sources said. Both Mnuchin and Lighthizer considered that unacceptable, given China’s history of failing to fulfill reform pledges.
The rapid deterioration of negotiations rattled global stock markets, bonds and commodities this week.
Trade war Deal. China Broke The Trade Deal.
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2. No Deal
3. Trade Talks Postponed
4. Donald Trump Hikes Tarrifs Against China