- Trade talks between the U.S. and China appear to have stalled.
- China has not shown willingness to revisit past commitments it made that it reneged on earlier this month.
- Sources say scheduling discussions have not taken place since the Trump administration ratcheted up its scrutiny of Chinese telecom companies.
The CNBC was reporting late in the U.S. day, around the time the U.S. stocks started to bleed that trade talks between the U.S. and China had appeared to have stalled.
Key notes from the article:
- Scheduling for the next round of negotiations is “in flux” because it is unclear what the two sides would negotiate, two sources briefed on the status of the talks said. China has not signaled it is willing to revisit past promises on which it reneged earlier this month, despite showing up for talks in Washington last week.
- Stocks dipped after the report that trade discussions have stalled. The three major U.S. indexes all closed lower Friday.
- President Donald Trump on Friday again said the world’s two largest economies came close to a trade agreement before China backtracked.
- “We actually had a deal and they broke it, OK?” the president told the National Association of Realtors.
- A spokesperson for China’s Foreign Ministry said that China prefers to resolve disputes through dialogue. The countries’ two presidents have been in touch, the spokesman said, but the U.S. overall has been “insincere” in its position.
- “Words must be matched with deeds,” spokesperson Lu Kang said at a daily briefing.
- Reacting to U.S actions on Huawei, China’s Commerce Ministry said in a statement, “We firmly oppose the act of any country to impose unilateral sanctions on Chinese entities based on its domestic laws, and to abuse export control measures while making ‘national security’ a catch-all phrase. We urge the US to stop its wrong practices.”