Mood in Beijing about trade deal is pessimistic

Clay Curtis
November 20, 2019

"If we don't make a deal with China, I'll just raise the tariffs even higher". Chinese Commerce Ministry spokesperson Gao Feng said earlier this month the two sides have reached an agreement on the tariff rollback. Some of his advisers had been pushing to keep those in place longer term, to ensure China lives up to its end of the bargain, but now are open to a partial relief in order to get the phase one deal signed.

While President Donald Trump's administration signalled talks with China over the first phase of a broad trade agreement are entering the final stages, that is no guarantee that there won't be another breakdown in talks.

The U.S. announced that it had reached a "phase one" preliminary trade deal in October.

The reporter added more on TV and highlighted that China was considering waiting on the outcome of impeachment hearings and the election, while focusing on their domestic economy.

There is disagreement over issues such as a specific number of agricultural purchases, the source said.

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The trade war between the world's two largest economies have dragged on for almost two years.

The existing tariffs on around $500 billion of Chinese goods appear to be the stumbling block. According to Chinese economists these restrictions are expected to continue by the US despite a phase one trade deal, or even a complete trade deal.

The White House did not immediately respond to CNBC's request for comment.

Predictions of a resolution have come and gone repeatedly as Trump veers from hints of imminent deals to declaring his satisfaction with the current standoff, because the United States is pulling in billions of dollars in trade tariffs. "We'll see what happens".

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