With fears growing that the global economy’s hurtling toward a recession, officials in Beijing and Washington both confirmed that the two sides will sit for high-level meetings early next month. Featuring Chinese Vice Premier Liu He, as well as U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, the talks might be a welcome development amid new punitive tariffs. But few expect them to make much progress.
Why are expectations so low? Analysts say both sides want concessions the other isn’t likely to offer before lifting their respective trade penalties.
Don’t miss OZY’s original series on the next U.S. recession.