Sources: China scrapped 30% of draft trade deal - Nikkei
|The Asian Nikkei Review quotes sources familiar with US-China relations, as saying that the US-China trade talks broke down after the Chinese government reduced the US draft deal by 30% that angered President Donald Trump to hike the tariffs on the Chinese imports.
Key Details:
“The original 150-page document, compiled through five months of painstaking negotiations, was cut up and reduced to 105 pages.
Chinese leadership deemed legally binding parts of the draft text to be tantamount to "an unequal treaty." All of the sections judged "unequal" were deleted or revised.
In this sense, the collapse of the negotiations, which sent shock waves around the world, was predetermined by China's scrapping as much as 30% of the original draft text.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.