Hang Seng tumbles: A woman walking past an electronic board showing Hong Kong share index outside a local bank in Hong Kong yesterday. Asian markets tumbled on fears that the United States and China may not be as close to a trade deal as President Donald Trump hopes. Selling was also fuelled by worries about the global economy ahead of Chinese trade data. — AP
TRADE talks between the United States and China seem to be hurtling toward a predictable conclusion – the signing of a shallow deal that doesn’t solve the real issues dividing the world’s two largest economies. The coup de grace will likely come later this month in another high-profile summit between presidents Donald Trump and Xi Jinping.
It’s time to admit the “comprehensive” pact Trump promised never really had a chance to come to fruition, precisely because of the way he chose to pursue it. What’s worse, in his eagerness to tout any deal as a bigger and more transformative triumph than it’s likely to be, he may well ensure it fails.
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