Lighthizer testimony today
- Significant progress has been made on a deal
- US is pushing for structural changes, not purchases
- Any changes must be enforceable because of China's past behaviour
- Too early to predict outcome of talks
- China represents most serious challenge ever faced by US trade
- Congressional support critical
Risk trades are down a bit on these headlines. I'm not sure it will last but the thinking right now is that he doesn't want to fold and wants Congresses help because Trump wants a deal sorted soon. Lighthizer has wanted a trade war with China for 25 years.
