The report says that senior administration officials have said that a trade deal isn’t even close and that the US could be in for a long, drawn-out trade war with China. Adding that differences between the two sides are so profound that it doesn’t look like things will get resolved before the end of the year.
If you’ve been following our commentary, it won’t come as too much of a surprise as has been mentioned since the weekend, the two countries are headed towards a stalemate and one that should last for quite a while until one of them gives in.
China isn’t going to give in on structural issues on a trade deal and as long as the US insists that they must do so, there isn’t a compromise to be struck. Both parties are headstrong about the matter at hand, so it’s a closed case right now.
At this stage, further escalation seems more likely as we’ve moved past the stage of negotiations. It’s now back to a game of poking each other in the eye until someone decides to be civil again.