China reportedly backtracked on nearly all aspects of US trade deal.
The diplomatic cable from Beijing arrived in Washington late on Friday night, with systematic edits to a nearly 150-page draft trade agreement that would blow up months of negotiations between the world's two largest economies, according to three U.S. government sources and three private sector sources briefed on the talks.
The stripping of binding legal language from the draft struck directly at the highest priority of U.S. Trade Representative Robert Lighthizer, who views changes to Chinese laws as essential to verifying compliance after years of what U.S. officials have called empty reform promises. Chinese Foreign Ministry spokesman Geng Shuang told a briefing on Wednesday that working out disagreements over trade was a"process of negotiation" and that China was not"avoiding problems."
One private-sector source briefed on the talks said the last round of negotiations had gone very poorly because"China got greedy." Investors and analysts questioned whether Trump's tweet was a negotiating ploy to wring more concessions from China. The sources told Reuters the extent of the setbacks in the revised text were serious and that Trump's response was not merely a negotiating strategy.
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