.elerianm says he's becoming more and more pessimistic that the U.S. and China can reach a trade deal.
The continued tariff escalations on both sides make it "much harder to get an agreement," said El-Erian, former CEO of Allianz-owned Pimco. "So the best we can hope for is not even a truce, it's a ceasefire. What we saw today is somewhat of a ceasefire."on Friday, Trump said he will raise the existing tariff rate on $250 billion in Chinese products to 30% from 25% on Oct. 1.
American companies, which were trying to wait out the trade war in its early days, are "starting to diversify their supply chains," El-Erian said on"It's not easy to re-wire what's taken decades to put in place. ... [But] it would be very difficult for me not to see a significant re-wiring of supply chains around the world."
El-Erian said that the U.S. concerns about what it considers China's unfair trade and business practices go beyond economics to national security. "I see a series of ceasefires as leaders try to de-escalate volatility in markets, but that's not going to hold," he predicted. The White House has raised national security concerns about Huawei, putting the Chinese tech giant on a trade blacklist, which restricts American firms from selling the company products.Reiterating the Trump administration position, Secretary of State
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