US, China trade conflict was 20 years in the making
WASHINGTON (AP) — The U.S.-China trade blowup was a long time coming.
And it won’t be easily resolved, not even if U.S. and Chinese negotiators reach a truce in the next few weeks.
The Trump administration raised tariffs on $200 billion in Chinese imports and spelled out plans to target the $300 billion worth that aren’t already facing 25% taxes. The Chinese retaliated by upping tariffs on $60 billion in U.S. imports.
Eleven rounds of negotiations haven’t settled a dispute over Beijing’s push to challenge U.S. technological dominance — a campaign, the U.S. alleges, that includes stealing technology and forcing foreign companies to hand over trade secrets.
“The United States has legitimate grounds to be upset with the Chinese,” said Mark Zandi of Moody’s Analytics. “This has been building for almost 20 years.”