Yellen says trade deal with China has “hurt American consumers”
It may be possible to make changes on the sidelines of those insurance policies, but China should not be ready to give up on its ambitions, said the people, who spoke on condition of anonymity because they were not allowed to debate the difficulty publicly.
Academics in China share the federal government’s skepticism about the possibility of a quick deal.
“Even if we return to the negotiating table, it will be difficult to reach an agreement,” said George Yu, trade economist at Beijing Renmin University.
The Trump administration has also sought, unsuccessfully, to get Chinese officers to abandon heavy subsidies to high-tech industries. Robert E. Lighthizer, Mr. Trump’s trade consultant, ended up imposing tariffs aimed at preventing the Chinese backed companies from pushing American companies into bankruptcy.
Getting China to buy American made
The United States and China named last year’s pact the Phase 1 settlement and promised to barter a second section. But that never happened.
Tariffs have played a very important role in the automotive sector.
In response to Mr. Trump’s 25 pc tariff on gasoline and electric vehicles imported from China, American automakers like Ford have scrapped plans to import cheap vehicles from their Chinese factories. Chinese automakers like Guangzhou Auto have also put aside plans to enter the US market.
Chinese auto exports surged this spring with the arrival of new factories, many of which were built with intensive subsidies. But cheap Chinese vehicles have mostly gone elsewhere in Asia and Europe, at the same time as auto costs in the United States have soared.
Ms. Yellen was not particularly concerned with auto pricing.
Sentences in the main section of the trade deal included the requirement for a high-level review this summer. The regulations demand that China stop forcing international companies to transfer their expertise to Chinese companies doing business there.