Varney: The China trade deal is in serious trouble

Channel: Fox Business
Published: 11 hours ago

Description
FBN's Stuart Varney on U.S. trade tensions with China. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in Octob...



Transcript
When president trump's tweets a ride sunday announcing big new tariffs on china, trade, there was a real sense of shock. Why is he doing this now and why such drastic action right out of the blue? Well now we know the chinese had reneged on almost every point that had already been agreed on in months of negotiations. A blockbuster report from reuters reveals just what the chinese had done here we ...
o. A diplomatic cable had landed in washington late friday night reuters say it quote: systematically edited the 150 page draft agreement. That was the basis for the deal china had reversed. Its commitments walked away. Think of the timing. Here, our top trade negotiators have spentthe week in high-level talks with their counterparts in beijing they'd achieved what they thought was a breakthrough 150 pages of agreement, but then, as they arrived home beijing ranae's suddenly and totally that's why the president unleashed his tweets. He had no choice but to play down the look to lay down the law. How do you continue negotiating when your opponent reverses on everything you've spent months negotiating? If that's the chinese thought process, they have wildly underestimated. President trump two possibilities here: number one: china doesn't an understand, the strength of our economy or america's political unity on this issue or the support we have from almost all other trading partners. Mr.

trump is bargaining with astrong hand. Maybe they don't understand that too china just can handle an agreement that really would stop them stealing from us or stop the forced transfer of technology either way. The trade deal is in serious trouble and i don't think it's mr. trump's fault.


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