The U.S. and China — the world's top two economies — have been engaged in a trade war that lasted more than a year. The two countries have slapped elevated tariffs on billions of U.S. dollars worth of each other's products. The uncertainties surrounding how both sides could resolve the trade fight have rocked financial markets and hurt business confidence globally.
Washington has long accused Beijing of unfair trade practices that includes intellectual property theft, lack of equal local market access, and forced technology transfers. But, addressing those concerns have been overshadowed by the broad "adversarial relationship" between the two countries, according to Robert Kapp, president at Robert A. Kapp & Associates.
"We started with a list of American grievances that was presented to the Chinese at the beginning of the Lighthizer negotiations. And there were some very serious matters on that list," Kapp, who was previously president of the U.S.-China Business Council, told CNBC'sThat has "degenerated now into a tit-for-tat tariff exchange, in which, it seems that the personalities and the staying powers of the leaders are more important," he added.
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