Media reports say China has grown hesitant to pursue a broad trade deal with the U.S. that could include reforms to its industrial policy and subsidies.
Such developments have led many analysts to lower their expectations that both sides would reach a trade deal before the 2020 U.S. presidential election.Clete Willems, a former deputy director of the National Economic Council in the Trump administration, told CNBC last week that "being tough on China is about the only thing" with bipartisan support in Washington.
"If you're in a scenario where you have someone like Elizabeth Warren as president, I think she's going to be almost as tough as the president on China," Willems, now a partner at law firm Akin Gump, said at that time. "And she may even throw in other issues that he doesn't focus on like human rights, environment and labor, and use that to be tough on China."The U.S.
Continued friction between the two economic powers could change the structure of the global economy in the longer term, said James Sullivan, head of Asia ex-Japan equity research at J.P. Morgan.
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