Commentary: US, China postpone trade deal deadline but cannot avoid eventual day of reckoning

Share via E-Mail Bookmark BEIJING: The US and China have opted for a convenient if short-term fix for their tough trade talks, pushing back the March 1 deadline in the absence of a deal. Hitting the deadline without a mutually acceptable agreement would have led to unpleasant consequences for both sides.

From Xi to Trump, solving the US-China trade war with a phonecall, a commentary SUITS EVERYONE JUST FINE The extension suits both leaders. For Mr Trump, the ability to dial up or dial down pressure on China is useful, both politically at home and in Washington’s dealings with its biggest economic rival. Advertisement Advertisement The US president also said his negotiators have made “substantial progress” on the structural issues that he has consistently demanded.

US policy in Asia heads from bad to worse, a commentary Journalists who have witnessed any number of empty, face-saving MOUs get signed in China might be inclined to side with Mr Trump on this one. “I think a memorandum of understanding is not a contract, to the extent that we want … the final contract is really the thing that means something,” he said. Sitting at Mr Lighthizer’s side, Mr Liu laughed.

For Mr Xi, the extension resolves an awkward predicament. It puts off an ugly reckoning just days before the March 5 session of the National People’s Congress. China’s legislature only meets once a year for ten days, during which delegates take turns saying how much they agree with the leadership. Despite all the nodding and agreeing, however, delegates usually find a way to make it clear when they are not happy. This year, many in the Chinese elite are worried about the country’s direction.

Careful not to humiliate China in trade negotiations, a commentary Moving the deadline means the White House has given up some immediate leverage. But it also avoids putting Mr Xi’s back to the wall, a situation that would almost certainly force an aggressive counter-move by China on some other front. Both sides are happy to delay that reckoning. Source: Financial Times/sl

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