To say there are conflicting reports of the U.S-China trade discussion, and possible breakdown therein, would be an understatement. However, mining through the various U.S. and China news agencies, a more clear picture emerges.
U.S. Trade Representative Robert Lighizer is quoted today: “We felt we were on track to get somewhere. Over the course of last week we have seen an erosion of commitments by China. That in our view is unacceptable.” This statement appears to be in line with reports from Beijing about Chinese negotiators: “with sources suggesting that President Xi Jinping vetoed additional concessions proposed by his negotiators.”
(Bloomberg) […] Lighthizer and Treasury Secretary Steven Mnuchin told reporters on Monday that the Chinese backsliding became apparent during their visit to Beijing last week, but that they had been reassured by their Chinese interlocutors that everything would turn out.
That changed over the weekend when China sent through a new draft of an agreement that included them pulling back on language in the text on a number of issues, which had the “potential to change the deal very dramatically,” Mnuchin said.
