U.S. and Chinese negotiators continue to talk in hopes of reaching an agreement before a March 1 deadline when President Trump may increase tariffs from 10% to 25% on $200 billion worth of Chinese products.
Here’s some of the latest developments:
Representatives from the two nations resumed trade discussions on Tuesday. Officials said progress was made on some contentious issues during last week’s talks. President Trump said the March 1 deadline is not a “magical date.” The talks are aimed at “achieving needed structural changes in China that affect trade between the United States and China.” - CNBC
The U.S. is asking China to keep the value of the yuan stable, which is aimed at neutralizing any effort by China to devalue its currency to counter U.S. tariffs, Bloomberg reported. The two countries are hoping to sign a Memorandum of Understanding.
“Just like the United States, China also has the right to development, and the Chinese people also have the right to have a good life,” the foreign ministry paraphrased State Councillor Wang Yi as saying, in a statement issued on Wednesday. – Reuters
This week’s trade negotiations will have to bridge a lot of gulfs between the two countries. – The New York Times
Nothing reported so far in the framework that could be headed to Trump’s desk indicates the Chinese government has decided to straighten up and fly right. It would be better to hit Beijing with higher tariffs and wait for them to come to us with a better deal in a second Trump term. – Fox News opinion