WASHINGTON/BEIJING - US negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to two sources briefed on the discussions, marking a retreat on a core US objective for the trade talks.
Beijing grants subsidies and tax breaks to state-owned firms and to sectors seen as strategic for long-term development. Chinese President Xi Jinping has strengthened the state's role in parts of the economy. A representative for the White House referred Reuters to the US Trade Representative's Office, which did not respond to a request for comment.
MIXED MESSAGES One of the key sticking points in the negotiations is the removal of the US$250 billion in US tariffs. It is broadly expected in the trade community that US negotiators want to keep some tariffs on Chinese goods, which Washington sees as retaliation for the years of damage done to its economy by Beijing's unfair trade practices.
DECADES OF FRICTION Subsidies and tax breaks have been a source of friction between the two countries for years.
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