Headlines via Bloomberg citing a person familiar with the situation
- US asked China to stop subsidising high-tech industry
- US-China talks said to have stalled over high-tech industry
- China is considering trade concessions for Europe, Mexico
The report by Bloomberg says that trade talks broke down last week after the Trump administration demanded that China take steps to curtail support for high-tech industries.
It is said that Beijing had rejected a US request to stop subsidising the industries related to its "Made in China 2025" initiative. That comes after the US declined Beijing's offer to narrow the trade deficit for the US by $50 billion.
Well, that didn't take long. USD/JPY fell on the comments, to 106.90 levels as the optimism from Xi's speech earlier starts to fade in light of the reported stalled talks.
