China Views Trade Deal as Welcome Respite in US Battle
Share
[aggregation-styles]
Financial Times Subscription
When US trade negotiators arrived in Beijing in May 2018 for their first round of talks with vice-premier Liu He, they presented him with a strongly worded list of demands outlining their objectives.
Chinese officials thought the tone of the complaint was insulting and would garner them sympathy at home and internationally, according to people involved in the discussions. So they leaked it to a Chinese journalist and it went viral. “We couldn’t believe how fast it got out,” one US official said.
The document remains the best benchmark with which to measure the two sides’ “phase one” trade agreement against Donald Trump’s original aspirations for the talks — and an indication of how far the deal is from the US president’s stated ambitions.
The document began by demanding a $200bn reduction in the US trade deficit by the end of this year, compared with 2018. According to the Office of the US Trade Representative, the US had a trade deficit with China of $378.2bn in 2018. Steven Mnuchin, Treasury secretary, subsequently told US embassy staff in Beijing that deficit reduction would ultimately determine whether the negotiations had been a success, according to people briefed on his meetings in the Chinese capital.
Read More →
Financial Times Subscription
When US trade negotiators arrived in Beijing in May 2018 for their first round of talks with vice-premier Liu He, they presented him with a strongly worded list of demands outlining their objectives.
Chinese officials thought the tone of the complaint was insulting and would garner them sympathy at home and internationally, according to people involved in the discussions. So they leaked it to a Chinese journalist and it went viral. “We couldn’t believe how fast it got out,” one US official said.
The document remains the best benchmark with which to measure the two sides’ “phase one” trade agreement against Donald Trump’s original aspirations for the talks — and an indication of how far the deal is from the US president’s stated ambitions.
The document began by demanding a $200bn reduction in the US trade deficit by the end of this year, compared with 2018. According to the Office of the US Trade Representative, the US had a trade deficit with China of $378.2bn in 2018. Steven Mnuchin, Treasury secretary, subsequently told US embassy staff in Beijing that deficit reduction would ultimately determine whether the negotiations had been a success, according to people briefed on his meetings in the Chinese capital.
Read More →
By Tom Mitchell and Tom Hancock | 16 Jan 2020
RELATED TOPICS:
Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight
Events /
1 day ago
Oil Dips Ahead of Expected OPEC+ Output Increase
Economy /
2 days ago
613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN
World /
2 days ago
Fresno County Authorities Investigating Suspicious Death of Transient Man
Crime /
2 days ago
Israeli Military Kills 20 in Gaza as Trump Awaits Hamas Reply to Truce Proposal
World /
2 days ago
Valley Crime Stoppers’ Most Wanted Person of the Day: Rachelle Maria Blanco
Local /
2 days ago
Russia Pounds Kyiv With Largest Drone Attack, Hours After Trump-Putin Call
World /
2 days ago
How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again
Can you hear it — that loud roar coming from the East? It’s the sound of 1.4 billion Chinese laughing at us.
Thomas L. Friedman
The New Yo...
Opinion /
15 hours ago
Categories
Latest
Videos

Opinion /
15 hours ago
How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

Sports /
15 hours ago
What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.

Politics /
1 day ago
Trump to Sign Tax-Cut and Spending Bill in July 4 Ceremony

Events /
1 day ago
Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

Economy /
2 days ago
Oil Dips Ahead of Expected OPEC+ Output Increase

World /
2 days ago
613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

Crime /
2 days ago
Fresno County Authorities Investigating Suspicious Death of Transient Man

Video /
2 days ago