China Views Trade Deal as Welcome Respite in US Battle
By News
Published 4 years ago on
January 20, 2020
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:
Trump’s Potential VP Pick Boasts About Executing Puppy
Politics /
2 days ago
Trita Parsi: Blind Support for Israel Erodes Western Democracies
Opinion /
2 days ago
Fresno Trash Hauler’s Response to Overpayments: We Followed the City’s Rules
Politics /
2 days ago
Which Six QBs Were Selected in the Top 12 of the NFL Draft?
Sports /
2 days ago
Nuggets Close to Sweeping Lakers After Game 3 Win
Sports /
2 days ago
Jose Ramirez: ‘I Want to Make a Statement and Put on a Show’
Sports /
2 days ago
Yoshinobu Yamamoto’s 6 Shutout Innings Help Dodgers Finish Sweep, Defeat Nats 2-1
Sports /
2 days ago
The 49ers Add Florida Receiver Ricky Pearsall With the 30th Draft Pick
Sports /
2 days ago
Political Stunt, Egg on His Face, Personal Vendetta. Who’s Fresno DA Talking About?
Politics /
2 days ago
California Legislation Wants to Uncover the ‘Hidden Homicides’ of Domestic Violence
A state senator says there’s a “hidden homicide” epidemic of killers making domestic violence murders look like suicides or accidents. Her b...
Crime /
24 hours ago
Categories
Latest
Videos
Crime /
24 hours ago
California Legislation Wants to Uncover the ‘Hidden Homicides’ of Domestic Violence
Politics /
2 days ago
Fresno Oops? Garbage Hike Protest Vote Delayed by Error
Politics /
2 days ago
Trump’s Potential VP Pick Boasts About Executing Puppy
Opinion /
2 days ago
Trita Parsi: Blind Support for Israel Erodes Western Democracies
Politics /
2 days ago
Fresno Trash Hauler’s Response to Overpayments: We Followed the City’s Rules
Sports /
2 days ago
Which Six QBs Were Selected in the Top 12 of the NFL Draft?
Sports /
2 days ago