How China can and cannot retaliate on trade

CHINA FINANCIAL - Report 23 May 2019 by Michael Pettis

Special points to highlight in this issue:

* The mood changed dramatically in China last week, with Beijing now angrily criticizing Washington for its role in the trade negotiations.

* Beijing’s change of strategy should be seen primarily within a domestic political context. President Xi Jinping seems to be facing potential criticism from both sides – those who are terribly worried about the economic consequence of a trade conflict with the US and those who believe that China is in strong enough of a position to behave much more confrontationally – and he must respond to Washington in ways that allow him to manage opposition.

Now read on...

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