The Trump administration’s 100 days of trade talks with China ended with a whimper on Wednesday, as the two sides failed to reach a breakthrough agreement. The Washington Post’s Ana Swanson reports: “The United States unsuccessfully pressed China to make a substantial commitment to cut its steel production, according to people with knowledge of the matter, who spoke on the condition of anonymity to discuss private discussions. U.S. officials also asked China to do more to reduce its trade surplus with the United States and open its market for agriculture, financial services and data flows, the people said.
Trump may impose new tariffs in retaliation against China, and thus raise costs to U.S. consumers.
The Trans-Pacific trade agreement was designed to isolate and put pressure on China through an alliance among the U.S. and many other Asian countries. Trump canceled that in his first few days in office in favor of bilateral negotiations. So far, that’s not working out so well for the U.S.