Beijing simply cannot accept Washington's control over its economy, Michael Ivanovitch writes.
The bizarre summit meetings between the U.S. and North Korea came to a logical end. Without any security guarantees and relief from debilitating sanctions, Pyongyang refused last Thursday in Hanoi, Vietnam to destroy its nuclear military assets and their delivery vehicles.
The U.S. would oppose that because those are the sanctions aimed at exerting maximum pressure on Pyongyang to get rid of its nuclear arsenal. Still, a veto-laden impasse at the United Nations Security Council could open doors to more widespread sanctions-busting than is the case now, where the U.S. would have little leverage to intervene.
China denies all that, but the U.S. insists on establishing review procedures with tariffs in case Beijing violates any of the trade rules and practices Washington sets. That is technically impossible. First, China and the U.S. would have to agree on the price index used to conduct that analysis . Second, they would also have to agree on the time period deemed relevant for that investigation.
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