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High-level trade negotiations between Beijing and Washington have "ground to a halt" following Trump's dramatic escalation proposing an additional $200 billion in tariffs on Chinese goods, Bloomberg reports.
After three rounds of formal negotiations led by Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin, communications between senior members of the Trump and Xi administrations have collapsed - with no immediate plans to restart formal talks.
Countries - Dialogue - Bureaucrats - Washington - Beijing
And while the two countries have continued to engage in informal dialogue among lower-level bureaucrats, Washington and Beijing have around seven weeks to strike a deal or risk a trade war that would be incredibly disruptive to corporate supply chains - stoking fears over increased prices for consumers.
“It’s extremely important that when two governments get into this kind of situation with each other that even if they are fighting on the official front, that they have something going on in the background that enables them at some point to declare a sort of ceasefire,” National Foreign Trade Council president Rufus Yerxa in a Bloomberg TV interview on Wednesday. “For the time being the two sides aren’t going to acknowledge that. They’re positioning themselves for the end game.”
Flare-up - Tensions - Tariff - Proposal - President
Despite the flare-up in tensions amid the $200 billion tariff proposal, President Trump has continued to emphasize his personal friendship...
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