Boeing's woes are the latest hiccup in China trade talks.
President Donald Trump and Chinese President Xi Jinping walk together at the Mar-a-Lago estate in West Palm Beach, Florida on April 7, 2017.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.With expectations for a deal high on both sides, U.S. and Chinese trade negotiators are working under a tight time frame.
“The business community hasn’t been kept fully apprised by the administration of what’s going on in the negotiations,” said Rufus Yerxa, president of the National Foreign Trade Council. An agreement by China to buy more U.S. goods also would raise the trade deficit on that export category, which has risen to a record $891 billion under Trump. The president previously has railed against the size of the trade deficit,Boeing’s current woes further complicate the situation regarding the trade deficit: The plane manufacturer said last year that Chinese airlines would buy 7,690 planes over roughly the next two decades, for a combined value of $1.2 trillion.
“Some companies may never recover from the damage the tariffs have caused, especially the smaller, overly leveraged firms,” said George Kiraly, founder and CIO of the LodeStar Advisory Group.published by consulting firm the Rhodium Group in conjunction with the U.S. Chamber of Commerce found that the trade war’s collective impact on the country’s GDP could reach $1 trillion over a 10-year time frame “across all tariff escalation scenarios.
“Markets might rally a bit further, but a lot of optimism is now priced in on the announcement of a trade deal,” Samana said. “We still think a deal is the most likely outcome, but it’s hard to tell what the quality of the deal will be, in terms of how [and] whether it deals with the tougher issues,” he said.
“It’s clear that Xi Jinping believes these enterprises are very important for China’s future,” Kirkegaard said. “He’s not going to change his economic philosophy and master plan for China to get this deal.”
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