China Confident Trump Will Drop Tariffs Even Without Concessions | WHAT REALLY HAPPENED


China Confident Trump Will Drop Tariffs Even Without Concessions

With just three weeks left until the deadline for the US and China to reach a trade deal, there has been remarkably little progress: after several months of talks, the two sides are still far apart on major issues, as Larry Kudlow admitted earlier on Thursday, even as new multibillion-dollar U.S. tariffs are set to kick in next month if no accord is achieved.

According to the WSJ - with US negotiators set to meet their counterparts in Beijing next week in an effort to strike a comprehensive accord that President Trump insists include "deep structural changes" to China’s economy - US Trade Rep Robert Lighthizer and Treasury Secretary Steven Mnuchin, who are heading the talks next week, "lack the usual essentials for a comprehensive deal" - not only do the two sides not have a draft agreement that specifies where they agree and disagree, but, as reported earlier, Trump said he was unlikely to agree to meet Chinese President Xi Jinping before the March 1 deadline to hammer out final compromises, contrary to prior, more optimistic expectations. Absent an impromptu meeting, Trump and Xi are scheduled to meet at the G20 summit in Japan at the end of June, by which time hundreds of billions in new tariffs would have kicked in.

“Normally at this stage of negotiations, you’d be exchanging drafts of a joint text,” said Christopher Adams, a former Trump Treasury Department official and trade negotiator who is now at the Covington & Burling law firm. “If it’s all about something enforceable and verifiable, it needs to be memorialized [in a document]. They seem to be some ways yet from having that essential element.”

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