Seemingly confirming what Senator Chuck Grassley said last week had been relayed to him, Bloomberg is reporting that US-China trade talks are faltering as China refutes American claims of IP theft and USTR lighthizer has reportedly told US lawmakers that "little progress" has been made on the critical IP protections.
Bloomberg reports that, according to people close to the discussions, the two sides have so far made little progress on the issue any deal Trump strikes with China may ultimately be judged on: ending what the U.S. has dubbed as decades of state-coordinated Chinese theft of American intellectual property.
The reaction is not positive in the equity futures market...
Bloomberg reports that the discussions that took place earlier in January amounted more to an airing of grievances than constructive negotiations, according to participants and others briefed on the talks.
The lack of progress in discussions on structural issues such as IP was confirmed by Robert Lighthizer, the U.S. trade representative, in a meeting with lawmakers last week, according to congressional aides. His office declined to comment.
As Chinese leader Xi Jinping prepares to send top economic emissary Liu He to Washington for Jan. 30-31 talks, the IP stalemate gets to the heart of Trump’s trade wars and questions over his ability to turn the leverage he’s created with tariffs into meaningful Chinese policy changes. It also points to the potential political fallout.