U.S.-China trade talks hit a snag Friday as the White House weighed limiting U.S. investments in China, which would be an 'unmitigated disaster' if it came to pass, says Yale's Stephen Roach.
If the White House were to go through with that move, "it would be an unmitigated disaster," says Stephen Roach, senior fellow at Yale University and former chairman of Morgan Stanley Asia.
Roach noted that the United States and China had been negotiating what's known as a "bilateral investment treaty" for about 10 years before the trade war began in an effort to open "our markets to China and China's markets to us." And, when it comes down to it, the health of the U.S. consumer will be a major determinant in where the market goes next, Roach said.
In short, "there's not a lot of leeway should we get a soft patch," according to the Yale professor, and that's why U.S.-China trade talks stalling has Roach particularly concerned.
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