Stakes are high in new round of trade talks

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House View

Is the 90-day truce between the US and China symbolism, or will it deliver real substance? Whether the world’s two biggest economies can solve their sharp differences is far from clear at this point. President Xi Jinping cannot risk making any concessions that would jeopardize China’s 10-year manufacturing plan to become self-sufficient by 2025 in 10 key high-tech industries and eventually dominate the global market in those industries. President Trump, determined to stop China’s theft of intellectual property and forced technology transfer of western companies and to revitalize US manufacturing, won’t give in easily either. The trade war has already materially damaged US businesses, the global growth outlook and investor sentiment. A resolution is urgently needed – the sooner than 90 days, the better.