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Trade deal stalled over HK legislation: Axios

Credit: Reuters Studio
Published on December 2, 2019 - Duration: 01:16s

Trade deal stalled over HK legislation: Axios

A trade deal between China and the U.S. has stalled after the U.S. passed legislation backing protesters in Hong Kong, news website Axios reported on Sunday, citing a source close to Trump's negotiating team.

Eve Johnson reports.

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Trade deal stalled over HK legislation: Axios

A U.S.-China trade deal has stalled, thanks to legislation that throws U.S. support behind political protests in Hong Kong.

That's according to news website Axios.

They cite a source close to U.S. President Trump's negotiating team, and said more time was also needed to allow Chinese President Xi's domestic politics to calm.

The new U.S. legislation requires a yearly review of the Hong Kong's special trade status, based on the extent of its autonomy from Beijing.

It also threatens sanctions for human rights violations.

Trump signed it into law last week - despite angry objections from Beijing.

A so-called "phase one" deal between the world's two largest economies had originally been expected by the end of November.

A trade deal could have averted another round of U.S. tariffs set to hit Chinese products on December 15th.

But now, things are looking shaky.

According to Chinese state media on Sunday, Beijing wants more from the deal than just avoiding new duties.

The Global Times reported that top priority would be removing existing tariffs.

People close to the White House have told Reuters that a phase one deal isn't looking likely until the new year.

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