The U.S. trade summit held between seven senior U.S. government representatives – including Secretary Mnuchin and Ambassador Lighthizer – with a Chinese group led by Vice Premier Liu does not appear to have made significant progress.
(1) The U.S. presented demands for a $200 billion in the U.S. trade deficit, which reportedly got short shrift even though an agreement to boost Chinese imports was agreed. Each $50 billion cut in the U.S. trade deficit requires a 38% rise in exports or a 10% cut in imports with China. (2) Aside from a cut in import duties, including in autos, the Chin...