Trade Deal with China Reportedly Not Happening

So much for December 15th…

 

  • President Donald Trump last week signed the Hong Kong Human Rights and Democracy Act, a bill which requires the State Department to ensure that Hong Kong’s “one country, two systems” agreement with China is upheld each year for the US government to continue to afford Hong Kong with a special trade status.
  • A source close to Trump’s negotiating team told Axios that Trump’s action “stalled” trade deal talks.
  • The source added that the US and China may not sign a “phase-one” trade deal until the “year-end at the earliest.”
  • China’s foreign ministry has condemned the passage of the bill and vowed to protect the country’s national security.
  • Visit Business Insider’s homepage for more stories.

President Donald Trump’s signing of a bill supporting human rights in Hong Kong has reportedly angered China’s Xi Jinping and stalled trade deal efforts.

A source close to Trump’s negotiating team told Axios that the US and China may not sign a “phase-one” trade deal until the “year-end at the earliest.” The source attributed the delay to legislation that Trump signed last week called the Hong Kong Human Rights and Democracy Act, which protects certain human rights in Hong Kong.

The source told Axios that the trade deal was “stalled” so that time could pass in order to “allow Xi’s domestic politics to calm.” The source added that Trump would likely delay tariffs planned for December as a goodwill gesture in order to keep the sinking trade deal afloat.

The Hong Kong Human Rights and Democracy Act, which was introduced in May by Republican Sen. Marco Rubio of Florida, requires the State Department to ensure that Hong Kong’s “one country, two systems” agreement with China is upheld each year for the US government to continue to afford Hong Kong with a special trade status.

It would also consider sanctions against people involved in human rights abuses against Hong Kong citizens and would ensure visa protections for Hong Kong protesters in the US.

www.businessinsider.com/hong-kong-human-rights-bill-stalled-china-trade-deal-axios-2019-12

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