China backtracked on almost all aspects of US trade deal
- 5 years ago
BEIJING — China is up to its old tricks again by backtracking on almost all aspects of the trade deal with the U.S.
According to Reuters, a diplomatic cable that arrived in Washington late on Friday night had systematic edits to a nearly 150-page draft trade agreement, basically blowing up months on laborious negotiations between the two countries.
According to three U.S. government sources and three private sector sources briefed on the negotiations talking to Reuters said, the document was stuffed with reversals by China that undermined core U.S. demands.
In each chapter of the draft trade deal, China removed its commitments to change laws to resolve core complaints that caused the U.S. to start the trade war: theft of U.S. IP and trade secrets; forced technology transfers; competition policy; access to financial services; and currency manipulation.
Chinese Foreign Ministry spokesman Geng Shuang said in a press conference on Wednesday that this was a "process of negotiation" and that China was not "avoiding problems."
According to China, they say they can't touch the laws. One Chinese official said changing any law in China requires a unique set of processes that can't be navigated quickly.
Really? Changing a law in an authoritarian country is basically easier than blinking.
Trump has threatened to raise tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent on Friday.
According to Reuters, a diplomatic cable that arrived in Washington late on Friday night had systematic edits to a nearly 150-page draft trade agreement, basically blowing up months on laborious negotiations between the two countries.
According to three U.S. government sources and three private sector sources briefed on the negotiations talking to Reuters said, the document was stuffed with reversals by China that undermined core U.S. demands.
In each chapter of the draft trade deal, China removed its commitments to change laws to resolve core complaints that caused the U.S. to start the trade war: theft of U.S. IP and trade secrets; forced technology transfers; competition policy; access to financial services; and currency manipulation.
Chinese Foreign Ministry spokesman Geng Shuang said in a press conference on Wednesday that this was a "process of negotiation" and that China was not "avoiding problems."
According to China, they say they can't touch the laws. One Chinese official said changing any law in China requires a unique set of processes that can't be navigated quickly.
Really? Changing a law in an authoritarian country is basically easier than blinking.
Trump has threatened to raise tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent on Friday.