Chinese Officials Call For Renegotiation Of "Phase One" Trade De


On Monday (local time) China's Global Times reported, citing sources close to the Chinese government, that some "hawkish" officials in China are calling for a renegotiation the the "phase one" trade deal with Washington as well as a "tit-for-tat approach on spiraling trade issues after US' malicious attacks on China ignited a tsunami of anger among Chinese trade insiders."

The calls to renegotiate the current version of the deal - which has yet to be actively implemented - emerge amid dissatisfaction because "China has made compromise for the deal to press ahead."

While in the past, these same trade negotiators "believed that it would be worthwhile to make certain compromise to reach a partial truce in the 22-month trade war and ease escalating tensions", given what the Global Times called "President Donald Trump's hyping an anti-China conspiracy that aims to cover up his mishandling of the COVID-19 pandemic", advisors close to the trade talks have suggested Chinese officials rekindling the possibility of invalidating the trade pact and negotiating a new one to tilt the scales more to the Chinese side, sources close the matter told the Global Times.

A former Chinese trade official told the Global Times on condition of anonymity on Monday that China could complete such procedures based on force majeure provisions in the pact.

https://www.zerohedge.com/economics/tsunami-anger-chinese-officials-call-renegotiation-phase-one-trade-deal