WASHINGTON/BEIJING - U.S. 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 discussions, marking a retreat on a core U.S. objective for the trade talks.
The issue of industrial subsidies is thorny because they are intertwined with the Chinese government’s industrial policy. 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 U.S. Trade Representative’s Office, which did not respond to a request for comment. The role of the state firms may benefit the United States in another part of the trade deal. The Trump administration wants China to make big-ticket purchases of over a trillion dollars of U.S. goods in the next six years to reduce its trade surplus. The companies likely to make the purchases are the state-run firms, both sources said.
Washington says Beijing has failed to comply with its World Trade Organization obligations on subsidies that affect both imports and exports.
alexalper ChrisPrentice michaelvmartina In other words, Trump is negotiating.
alexalper ChrisPrentice michaelvmartina Surprise, surprise, The Art of the Meal couldn’t come through again
alexalper ChrisPrentice michaelvmartina I had to read that headline five times to understand it.
alexalper ChrisPrentice michaelvmartina Pathetic Donald Trump who has operated his whole life by fraud and all sorts of criminal questionable frauds.
alexalper ChrisPrentice michaelvmartina Wasn’t March first the deadline? What the hell are you guys doing?
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