Jan 02, 2019 11:20 AM

Larry Summers Thinks Trade War Will Last Past March Deadline

The U.S. and China are unlikely to negotiate an agreement that could end the trade war by their March deadline, former U.S. Treasury Secretary Lawrence Summers said on Tuesday, warning that the possibility of the U.S. slipping into a recession in the next two years would put even more strain on the relationship.

Earlier in December, U.S. President Trump agreed to delay a scheduled Jan. 1 hike in tariffs on $200 billion of Chinese imports from 10% to 25% until March 1, giving the two countries more time to negotiate on controversial issues like non-tariff barriers, cyber theft, and forced technology transfers.

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