WASHINGTON: US President Donald Trump on Monday effectively ended a six-month trade truce with China, with top US officials accusing Beijing of backtr...
Traders work on the floor of the New York Stock Exchange on May 06, 2019 in New York City. - AFP: US President Donald Trump on Monday effectively ended a six-month trade truce with China, with top US officials accusing Beijing of backtracking ahead of a key round of negotiations this week.
The threat also tanked stock markets worldwide and frightened US farmers and businesses caught in the crossfire who have been banking on a resolution to the year-long conflict that has engulfed US$360 billion in two-way trade. Treasury Secretary Steven Mnuchin said the negotiations were 90% complete but he told reporters that in recent days the talks went “substantially backward,“ according to the reports.
Despite the tweeted threats, officials in Beijing had said earlier Monday the talks would continue this week. William Reinsch, trade policy expert at the Center for Strategic and International Studies, said China will never meet all the US demands. Trump credits the tariffs with the strong first quarter growth but economists and businesses have complained that the trade conflict is in fact hurting the bottom line and the uncertainty is causing them to delay investment.
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