Trump trade official says U.S.-China 'in final weeks' of talks for a deal
By David J. Lynch David J. Lynch Financial writer covering trade and globalization Email Bio Follow March 12 at 2:18 PM President Trump’s chief trade negotiator said Tuesday that he is making progress resolving the toughest remaining issues in trade talks with China and will know “before too long” whether a deal is possible.
Chinese subsidies for favored industries, which result in excess production spilling over into global markets, will be among the disruptive practices targeted. U.S. negotiators are insisting on establishing an enforcement mechanism with up to 18 meetings annually between Chinese and U.S. officials to discuss complaints lodged by American companies. In the event that diplomacy does not resolve the problems, the United States wants the right to unilaterally impose trade penalties on China, Lighthizer said.
If finalized, the currency provision would prevent Beijing from manipulating the yuan’s value to gain a trading advantage.[Will Trump finally turn his trade guns on the WTO?] The Geneva-based organization has failed to keep pace with the growing importance of nonmarket economies such as China, he said. Under WTO rules, once-poor-and-now-prosperous countries like China, South Korea and Saudi Arabia can escape some WTO rules by self-identifying as a “developing nation,” he said.
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