'Anybody that is hopeful, their hopes are dashed,' says CNBC's Jim Cramer.
said Tuesday that the Trump administration's move to blacklist some Chinese tech will hinder its chances in negotiating a trade deal later this week.
The U.S. announced Monday that it's placing some Chinese tech companies — which it believes uses equipment to repress China's Muslim minority group — on the so-called Entity List. The move comes just days before Chinese trade officials are expected in Washington on Thursday to resume high-level trade negotiations."Anybody that is hopeful, their hopes are dashed."
The U.S. and China have been entangled in an escalating trade fight for the past 15 months, with the world's two largest economies upping retaliatory measures on one another.growing hesitant to pursue a broad trade deal that would include key commitments to the U.S. The blacklisting and hesitancy comes days after top White House economic advisor Larry Kudlow said that "positive surprises" could emerge from the trade talks.However, Cramer said that optimism from Trump administration officials is "completely antithetical [to] what they're doing."
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