U.S. and China Held First Trade Talks in Secret

“The first meeting to break the U.S.-China trade deadlock was held almost three weeks ago in the basement of the IMF headquarters, arranged under cover of secrecy,” the Financial Times reports.

“The previously unreported encounter was the first high-level meeting between U.S. and Chinese officials since Donald Trump’s inauguration and the launch of his tariff war.”

“Despite both side warning they were willing to dig in for a long haul, the truce proved easier and faster to agree than expected. One overriding question has significant implications for the negotiations to come: did Beijing or Washington flinch first? … Economists agreed that the U.S. might have overplayed its hand by raising the tariffs too quickly and too high.”