Top U.S. trade negator says the upcoming negations must be based on the previous deal. Will China budge this time?
The market jumped on the news that the U.S. and China agreed to go back to the negotiating table in October. Peter Navarro, President Donald Trump’s top advisor and trade negotiator, says the U.S. won’t back down from its demands in the previously failed deal, suggesting roadblocks remain for the two countries to make a pact.
“We had a deal. We had a 150 page plus agreement that was in these seven verticals that dealt with each of these issues plus enforcement. It was negotiated over 11 negotiating sessions and including commas and paragraphs. And that's the basis for moving forward,” Navarro said on Friday, referring to the tentative trade deal in May. “But the Chinese walked away from that. And in many ways, this deal will be determined by what the Chinese want to do.
Since the fallout of a much-anticipated deal in May, the tension between Washington and Beijing has escalated sharply. Trump has doubled down on his tariffs, expanding additional tariffs on all imported goods from China. The Chinese side hit back with their own tariffs on part of U.S. products, which is seen as “measured responses” by experts.
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