Top Chinese trade officials are preparing to return to the negotiating table with their US counterparts but expectations for a US-China trade deal are low
US Trade Representative Robert Lighthizer takes part in US-China trade talks with China's Vice Premier Liu He in the Eisenhower Executive Office Building on in Washington, DC, February 21, 2019
Washington has slapped visa restrictions on senior Chinese officials and blacklisted more than two dozen Chinese firms, accusing both of persecuting ethnic Muslims in China's western Xinjiang region. Markets were buoyed on Wednesday by media reports that Beijing will propose a partial deal to prevent further escalation.
Washington accuses China of attempting to forge global industrial predominance through massive state intervention in markets, the theft of intellectual property, hacking and subsidies, accusations shared by Europe and Japan. "I think it's a way that the president can essentially have his cake and eat it too. He can say, look, I made progress on some real significant things but I'm still tougher than anyone else has ever been."
The International Monetary Fund this week said the trade war was due to shave nearly $700 billion from global growth next year, with 90 percent of the world's nations now experiencing a "synchronized slowdown." US central bankers believe the trade war is raising the chances the United States could slip into recession, according to a readout released Wednesday from last month's Federal Reserve policy meeting.
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